Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

Los lunes, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.


CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles for Stablecoins

Binance CEO Changpeng Zhao (CZ) Anunciado on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, incluido BTC, BNB, y ETH. Some fund movements will occur onchain. Transparency,” Zhao said.

After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ’s Twitter thread and dijo: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO respondió that he “didn’t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.”

En el momento de escribir, Binance holds 7.56 billion BUSD stablecoins, according to Nansen’s exchange portfolio tool. CZ’s announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Es más, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.

While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 a $1 range most of the time. En marzo 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.

Etiquetas en esta historia
Activo, Binance, Binance BUSD, Bitcoin, bnb, BTC, BUSD, Changpeng Zhao, circulating supply, conversion, criptomoneda, CZ, Decision, despegación, depegging incidents, ETH, Etéreo, exchange portfolio tool, fondo, Industry Recovery Initiative, inversores, Nansen, Onchain movements, Parity, Paxos, Reassurance, Reguladores, seguro, Banco del Valle del Silicio, monedas estables, Stablecoin Prices, monedas estables, SVB, Transparency, troubles, USDC

What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Comparta sus pensamientos en la sección de comentarios a continuación.

jamie redman

Jamie Redman es el líder de noticias en News y un periodista de tecnología financiera que vive en Florida.. Redman ha sido un miembro activo de la comunidad de criptomonedas desde 2011. Él tiene una pasión por Bitcoin., código fuente abierto, y aplicaciones descentralizadas. Desde septiembre 2015, Redman ha escrito más de 6,000 artículos para Noticias sobre los protocolos disruptivos que surgen hoy.

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