On January 29, Binance announced plans to adjust the asset structure of its Secure Asset Fund for Users (SAFU), gradually converting the fund’s $1 billion stablecoin reserves into Bitcoin reserves, with the conversion expected to be completed within 30 days of the announcement. Binance will conduct regular reviews of SAFU’s asset size, and if Bitcoin price fluctuations cause the fund’s market value to fall below $800 million, it will replenish Bitcoin holdings to restore the fund to the $1 billion scale. The move follows criticism from both Chinese and English-speaking communities, with calls for the exchange to use its profits to bolster Bitcoin reserves to support the industry.
Tether has become the largest holder of gold reserves outside of sovereign nations and banks, currently holding more than 140 tons worth about $24 billion, a reserve scale that surpasses the official reserves of many countries, including Australia and Saudi Arabia. Beyond backing its gold-backed token, Tether Gold (XAUT), Tether also holds substantial gold as surplus reserves on its own balance sheet, providing an additional over-collateralization buffer for its stablecoin USDT. Paolo Ardoino, CEO of Tether, has stated that most of its gold reserves are stored in highly secure vaults in Switzerland.
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