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    Home»News»Binance CEO Announces Recovery Funds Conversion from BUSD to ‘Native Crypto’ 
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    Binance CEO Announces Recovery Funds Conversion from BUSD to ‘Native Crypto’ 

    Anietie DavidBy Anietie DavidMarch 14, 2023Updated:March 14, 2023No Comments2 Mins Read
    Binance CEO Announces Recovery Funds Conversion from BUSD to 'Native Crypto' 
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    The inability of three major crypto-friendly banks – Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank – caused the stablecoin, USDC, to fall to $0.87 from its $1 peg. With the “changes in stablecoins and banks,” Binance CEO Changpeng “CZ” Zhao tweeted on March 13 that the exchange will convert the remaining $1 billion cash in its Industry Recovery Initiative to “native crypto.”

    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

    Binance CEO featured native cryptocurrencies such as Bitcoin (BTC), BNB (BNB), and Ether (ETH). He then uploaded links to the hash IDs for the BTC and ETH transactions, claiming that $980 million was transferred in 15 seconds with a $1.98 transaction charge.

    In response to the move by the Binance CEO, Crypto Twitter had mixed reactions. Some praised the decision, calling it “pure gold,” and offered a suggestion to use alternative currencies to peg stablecoins:

    However, others questioned the move to sell the Binance USD (BUSD) stablecoin and convert the fund to more “volatile” assets. 

    This move is pure gold. Crypto power.

    🤔 – How about diversifying into stables other than pegged to USD?

    For now allow major global currencies and maybe integrate with CBDCs to allow seamless integration in the future.

    It will help in reaching out to a huge unbanked users.

    — Vipul CypherPunk (@vipul19) March 13, 2023

    Related:

    • Silicon Valley Bank Officially Shuts Down
    • Signature Bank Gets Shutdown By Regulators Following SVB Saga 
    • HSBC Holdings Buys Silicon Valley Bank’s UK Unit for £1 

    Binance CEO Avoiding A “Circle” Situation

    Circle, the business behind USDC, reported on March 10 that it had around $3.3 billion locked up at the failing SVB, which prompted the original depegging incident. Nevertheless, on March 13, USDC returned to its $1 peg, which is now hanging around $0.99.

    Circle also maintains an undisclosed amount of reserve cash at Silvergate, another crypto-friendly bank in the United States that went insolvent. The volatility around USDC had a knock-on impact on other stablecoins including Dai (DAI), USDD, and FRAX, which all fell below their $1 peg. Since the events began on March 10, the crypto sector has been waiting to see what would happen next. Twitter users have claimed that there is “nobody left to bank crypto firms.

    Binance Circle CZ Binance Signature Bank Silicon Valley Bank Silvergate
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    Next Article Binance-Voyager Deal to go Without Holdings, NY Judge Rules
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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