Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2023-03-13 16:28:15

Binance to convert $1B worth of BUSD stablecoin to native cryptos

Binance, the world's largest cryptocurrency by volume, said Monday it will convert $1B worth of stablecoin BUSD ( BUSD-USD ) to native cryptocurrencies, including bitcoin ( BTC-USD ), ether ( ETH-USD ) and BNB coin ( BNB-USD ). "Given the changes in stablecoins and banks, Binance will convert the remaining of the $1B Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain," Binance CEO Changpeng Zhao tweeted . The transaction to move $980M took 15 seconds and cost just $1.29, Zhao added. The initiative was launched last year, through which Binance and other participants evaluated investment opportunities in firms facing significant short-term difficulties. BUSD ( BUSD-USD ) -0.3% in midday trade. Stablecoin issuer Paxos was ordered by the New York financial watchdog to stop minting the dollar-pegged BUSD ( BUSD-USD ) last month. It said it was holding "constructive" talks with the U.S. SEC .

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.