On Monday, Binance’s CEO, Changpeng Zhao (also known as CZ), said that the company changed $1 billion of their ‘Industry Recovery Initiative Fund’ into three different kinds of digital coins. CZ also mentioned that people could notice unusual activity on the network after this news.
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.— CZ 🔶 Binance (@cz_binance) March 13, 2023
Billion-Dollar BUSD Conversion
Binance CEO Changpeng Zhao said on Monday that the company took $1 billion of BUSD and changed it into bitcoin, BNB, and ethereum. This money was part of a special fund to help businesses recover during tough times. To be transparent, they’ll show what happened to the money on an online ledger.
After announcing it on Twitter, CZ shared a website address and a link to help people transfer money. A person replied that they felt safer when they heard this news. CZ said he hadn’t even thought of it that way and just wanted to keep the funds safe by using the asset.
Binance currently has 7.56 billion stablecoins, which is a type of digital currency. There were some issues over the weekend because Silicon Valley Bank didn’t work properly and caused USDC to not match up with the US dollar. The government also told Paxos to stop giving out BUSD tokens and lots of these coins have been taken away since then.
BUSD, a type of coin, has been examined by the government – even so, it usually stays in the range between $0.99 and $1. On March 11th 2023, BUSD got to almost $0.9848 for a while but still stayed strong compared with 5 other coins that strayed far away from the ideal $1 rate recently. Binance intends to change 1 billion BUSD into Bitcoin, Ethereum and BNB. What do you think about this? Please share your opinion in the comments!
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