Binance announced on Friday that it will convert the stablecoin holdings in its one billion dollar Secure Asset Fund for Users into Bitcoin over the next thirty days, committing to regular audits.
This initiative targets the Secure Asset Fund for Users, a safety net established to protect users from losses due to unforeseen events such as hacks. The exchange plans to gradually convert its stablecoin holdings within thirty days and has pledged to conduct regular audits.
Binance stated that if Bitcoin's price fluctuations cause the fund's value to dip below eight hundred million dollars, the exchange will replenish it back to one billion dollars.
"This initiative is part of Binance's long-term industry-building efforts, and we will continue to advance related work, gradually sharing more progress with the community," the exchange's translated post on X stated.
As of twenty twenty-five, the exchange's proof-of-reserves report indicated users held approximately one hundred sixty-three billion dollars in crypto tokens on the platform.
Stablecoins are digital tokens pegged to external references like the U.S. dollar. Bitcoin, on the other hand, stands as the world’s leading cryptocurrency, boasting a market value exceeding one point six trillion dollars.