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

В понедельник, Генеральный директор Binance Чанпэн Чжао, 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

Генеральный директор Binance Чанпэн Чжао (Чехия) объявил on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), БНБ, 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, including BTC, БНБ, В этом году известные автомобильные бренды и всемирно известные гоночные команды в большом количестве входят в пространство блокчейна и криптовалюты. 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 сказал: “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.”

На момент написания, 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). более того, 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 к $1 range most of the time. Категория 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.

What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, бнб, and ethereum? Share your thoughts in the comments section below.

Джейми Редман

Джейми Редман — руководитель отдела новостей Bitcoin-Tidings.com News и журналист, работающий в сфере финансовых технологий, живет во Флориде.. Редман был активным членом криптовалютного сообщества с 2011. У него страсть к биткойнам, открытый исходный код, и децентрализованные приложения. С сентября 2015, Редман написал более 6,000 статьи для Bitcoin-Tidings.com Новости о прорывных протоколах, появляющихся сегодня.

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