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

Esmaspäeval, 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) teatas 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, kaasa arvatud BTC, BNB, ja ETH. Some fund movements will occur onchain. Läbipaistvus,” 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 ütles: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO responded 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.”

Kirjutamise ajal, 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). Lisaks, 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 juurde $1 range most of the time. märtsil 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.

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What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Jagage oma mõtteid allolevas kommentaaride jaotises.

Jamie Redman

Jamie Redman on Newsi uudistejuht ja Floridas elav finantstehnoloogia ajakirjanik.. Redman on sellest ajast alates olnud aktiivne krüptoraha kogukonna liige 2011. Tal on kirg Bitcoini vastu, avatud lähtekoodiga kood, ja detsentraliseeritud rakendused. Alates septembrist 2015, Redman on kirjutanud rohkem kui 6,000 artiklid saidile Uudised täna esile kerkivate häirivate protokollide kohta.

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