Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB, and Other Tokens

Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.

The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.

The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, as per CoinGecko data.

The transfer txid. Took 15 seconds and costs $1.29. Imagine moving $980 million through a bank before banking hours on a Monday. https://t.co/ViCppASVFK

— CZ 🔶 Binance (@cz_binance) March 13, 2023

The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.

Early last week saw regulators shut down Silvergate, followed by the collapse of Silicon Valley Bank on Friday night – causing markets to go haywire over the weekend as investors rushed to protect their capital.