Binance Converts $1B SAFU Fund Into Bitcoin
CW5 Binance will convert its $1B SAFU fund from stablecoins to Bitcoin, reinforcing BTC as a reserve asset. Lighter introduced LIT staking requirements for LLP and plans to allow LLP as collateral. Binance also launched U.S. equity perpetuals, including TSLA, INTC, and HOOD.
Binance SAFU fund to buy $1bn Bitcoin
Binance has announced a major strategic shift by converting its $1 billion Secure Asset Fund for Users (SAFU) from stablecoins to Bitcoin. The exchange plans to complete the conversion within 30 days, using a replenishment mechanism to maintain the fund's value if market conditions require it. The move is seen as a strong endorsement of Bitcoin's role as a reserve asset in the digital economy.
The SAFU Fund was established in 2018 to protect users during extreme events such as security breaches. Previously held in stablecoins like BUSD and USDT, the fund now transitions entirely to Bitcoin, a decision that aligns with Binance's broader institutional confidence in the cryptocurrency. The exchange also stated that if the fund's value drops below $800 million due to Bitcoin price fluctuations, additional BTC will be injected to restore its total value to $1 billion.
Lighter LLP requesting LIT staking
The lucrative LLP vault on Lighter now set threshold by staked LIT token. LLP allocations that are above the amount covered by staked LIT (10 USDC per LIT) will be returned back to users gradually. Each day onwards, the max of 3% of the uncovered amount and 100 USDC will be moved back to the account's USDC balance.
Meanwhile, Lighter also announced that in two weeks, traders will be allowed to use LLP as collateral. This will increase the capital efficiency of Lighter and further drive the utility of LLP and staked LIT.
See announcement: https://x.com/Lighter_xyz/status/2016633073916354820
Binance launching US equity perp
Binance Futures is launching USDⓈ-Margined TSLAUSDT, INTCUSDT and HOODUSDT equity perpetual contract, with up to 5x leverage.
See announcement: https://www.binance.com/en/support/announcement/detail/40c76b4deaa247f09774e5d1ee747cb8 and https://www.binance.com/en/support/announcement/detail/d592f6ba938746cbadaaf5a8a714abd6
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