Binance, a cryptocurrency exchange, has converted its Industry Recovery Initiative stablecoins into native crypto assets.
"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," wrote Binance CEO Changpeng Zhao on Twitter.
Changpeng Zhao confirmed on his social media page that the transaction only took 5 seconds and was worth $1.29.
This decision aided the growth of the major cryptocurrencies, whose prices increased by 8% in the last 24 hours.
