{"id":18676,"date":"2023-03-13T18:14:16","date_gmt":"2023-03-13T18:14:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-converts-1-billion-busd-into-bitcoin-bnb-and-ethereum-bitcoin-news\/"},"modified":"2023-03-13T18:14:16","modified_gmt":"2023-03-13T18:14:16","slug":"binance-converts-1-billion-busd-into-bitcoin-bnb-and-ethereum-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-converts-1-billion-busd-into-bitcoin-bnb-and-ethereum-bitcoin-news\/","title":{"rendered":"Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Monday, 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.<\/strong><\/p>\n

CZ\u2019s Decision to Convert $1 Billion BUSD Comes Amidst Troubles for Stablecoins<\/h2>\n

Binance CEO Changpeng Zhao (CZ) announced<\/a> on Monday that the company had converted $1 billion BUSD into bitcoin (BTC<\/a>), BNB<\/a>, and ethereum (ETH<\/a>). \u201cGiven 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<\/a>, BNB<\/a>, and ETH<\/a>. Some fund movements will occur onchain. Transparency,\u201d Zhao said.<\/p>\n

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\u2019s Twitter thread and said<\/a>: \u201cPeople who are a bit unnerved by recent stablecoin developments will feel much more reassured.\u201d The Binance CEO responded<\/a> that he \u201cdidn\u2019t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.\u201d<\/p>\n

At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen\u2019s exchange portfolio tool<\/a>. CZ\u2019s announcement comes as USDC had troubles<\/a> this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos<\/a> to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.<\/p>\n

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

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Asset<\/a>, Binance<\/a>, Binance BUSD<\/a>, Bitcoin<\/a>, bnb<\/a>, BTC<\/a>, BUSD<\/a>, Changpeng Zhao<\/a>, circulating supply<\/a>, conversion<\/a>, Cryptocurrency<\/a>, CZ<\/a>, Decision<\/a>, depegging<\/a>, depegging incidents<\/a>, ETH<\/a>, Ethereum<\/a>, exchange portfolio tool<\/a>, fund<\/a>, Industry Recovery Initiative<\/a>, Investors<\/a>, Nansen<\/a>, Onchain movements<\/a>, Parity<\/a>, Paxos<\/a>, Reassurance<\/a>, Regulators<\/a>, safe<\/a>, Silicon Valley Bank<\/a>, Stablecoin<\/a>, Stablecoin Prices<\/a>, Stablecoins<\/a>, SVB<\/a>, Transparency<\/a>, troubles<\/a>, USDC<\/a><\/div>\n<\/div>\n

What are your thoughts on Binance\u2019s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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