The Binance Industry Recovery Initiative wallet held 985,088,975.25 BUSD.
Binance converted BUSD to USD through Uniswap at 05:31:47 UTC on March 13.
With the failure of crypto-friendly institutions and the depeg events of stablecoins, Binance CEO Changpeng Zhao said on Monday that the exchange will move the remaining money in the Industry Recovery Initiative into Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH).
Binance CEO Changpeng Zhao (CZ) came to Twitter in the midst of the bank and stablecoin crisis to declare that the exchange will be switching the remaining BUSD from the $1 billion Industry Recovery Plan to native crypto, Bitcoin, and Ethereum.
The Binance Industry Recovery Initiative wallet held 985,088,975.25 BUSD (equivalent to $979,867,018.59) per data gathered by Etherscan. Several stablecoins have depegged as crypto-friendly banks have failed, which accounts for the disparity in value.
Binance stated:
“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.”
Crackdown on Crypto-friendly Banks
According to the transaction record, Binance converted BUSD to USD through Uniswap at 05:31:47 UTC on March 13. Likewise, 985,088,975 BUSD (981,641,163 USD) was sent from the Binance Recovery Fund to Binance, as reported by Whale Alert.
Signature Bank is the third New York bank to fail after Silvergate Bank and Silicon Valley Bank. This is a concerted campaign to shut down crypto-friendly banks, according to Binance’s CEO.
Specifically, Binance’s Binance USD (BUSD) Auto-Conversion policy, which was first implemented last September, was turned off on Saturday. The CEO of Binance, “CZ,” recently announced that the exchange will begin trading numerous stablecoins, such as USDT, USDP, and TUSD. Before March 18 at 6:00 AM UTC, users may exchange their BUSD for other stablecoins.