A Billion Worth Of Stablecoin Will Be Traded For Bitcoin, Ether, And Other Crypto Assets By Binance

Using cash from its Industry Recovery Plan, the largest cryptocurrency exchange in the world by trading volume will convert BUSD into bitcoin, ether, and other tokens.

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According to a tweet from Binance CEO Changpeng Zhao on Monday morning, one of the biggest cryptocurrency exchanges in the world is changing $1 billion in the virtual currency Binance USD, or BUSD, into bitcoin, ether, and other cryptocurrencies.

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The remaining $1 billion from the Industry Recovery Plan will be converted by Binance from BUSD to native cryptocurrencies like BTC, BNB, and ETH, according to Zhao.

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As FTX, another cryptocurrency exchange, declared bankruptcy in November, the cryptocurrency exchange started its Industry Recovery Plan. Projects that "are otherwise robust but in a cash problem" were the target, Zhao had stated in November.

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The action was taken after the cryptocurrency sector suffered another setback when American regulators closed the crypto-focused Signature Bank. Silvergate shut down last week, and the venture capital-focused Silicon Valley Bank failed on Friday.

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According to statistics from CoinDesk, Bitcoin BTCUSD, +12.46% is currently trading at $22,192, up 8.05% in the previous day. According to CoinDesk data, Ether ETHE, +11.68% has increased 8.15% in the last 24 hours and is currently trading at $1,558.

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Binance responded to Trade Algo's request for more information by providing a link to Zhao's tweet.