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Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum
Mar, 21 2023
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On March 13, Changpeng Zhao, the CEO of Binance, announced that the company had converted $1 billion BUSD into Ethereum (ETH), bitcoin (BTC), and BNB (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, BNB, and ETH. Some fund movements will occur onchain. Transparency," Zhao added.
CZ tweeted the news and included a transaction explorer link so that people could see the exchange's role in the transfer and the location of the Industry Recovery Initiative. In response, the CEO of Binance said, "I 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.”
Currently, Binance has 7.56 billion BUSD stablecoins according to Nansen's exchange portfolio tool. CZ's announcement comes as USDC struggles to maintain parity with the US dollar after Silicon Valley Bank (SVB) declares bankruptcy. Furthermore, US authorities forced Paxos to stop producing BUSD, and billions of BUSD tokens have been removed from circulation since then.
Although BUSD has come under regulatory attention, the stablecoin has largely managed to trade within the $0.99 to $1 area. BUSD briefly fell to the $0.9848 level on March 11, 2023, but it quickly recovered to outperform five other stablecoins that had strayed from $1 parity over the previous weekend.
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Indrani Bose
CBW - External Analyst
INDIA
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