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 .