Bitcoin, More Reliable Than Stablecoins – Things appear to be calming down, or even improving, in the Bitcoin (BTC) and cryptocurrency markets. But trust in stablecoins is more volatile than ever. Who would have thought that even Circle’s USDC would lose its peg to the US dollar? Faced with these concerns, Binance CEO Changpeng Zhao led the charge by converting the exchange platform’s guarantee funds into real cryptocurrencies, including Bitcoin.
When Bitcoin Is (Logically) Again a Safer Value Than Stablecoins
With the USDC stablecoin no longer pegged to the U.S. dollar over the weekend, many are no doubt eager to convert it to fiat. However, it is clear that others have turned to Bitcoin. In fact, the cryptocurrency king first barely flinched at the start of USDC’s troubles, before BTC’s price surged 10% over the past 24 hours.
This preference for true cryptocurrencies over stablecoins is reflected in Changpeng “CZ” Zhao, the founder and owner of the Binance cryptocurrency exchange. In a tweet on his official account on Monday, March 13, 2023, the CEO announced to us that he will be converting $1 billion of his stablecoin BUSD into cryptocurrency. In this case, Bitcoin, Ether (ETH) and BNB.
“Given the turmoil in stablecoins and banks, Binance will convert the remaining $1B in industry recovery plan funds from BUSD to native cryptocurrencies, including BTC, BNB and ETH. Some fund movements will happen on-chain (on blochchain) . Transparency. »
Changpeng Zhao announced that Binance is converting its funds into cryptocurrencies. – Twitter account @cz_binance
How many seconds does it take for 1 yuan to turn 1 billion?blockchain is possible
no sooner said than done. Minutes after the announcement — while traditional bankers were still asleep — CZ announced that the first transaction had been completed. As the Binance leader noted, transferring $985 million in BUSD took “15 seconds for $1.29.” And it all happened early on a Monday morning, before banking hours.
Recall that Binance’s Industry Recovery Plan Fund, announced after the FTX bankruptcy disaster, was a plan to revive the cryptocurrency industry. The fund aims to alleviate the occasional (but dangerous) liquidity crises that participants in the cryptocurrency space may encounter.
Transfers from Binance before banks open on Monday, March 13. – Source: Twitter account @ArkhamIntel
Will Binance Act as a Crypto ‘Central Bank’? Or at least be inspired? Anyway, yesterday – mid-Sunday – the US Federal Reserve (Fed) also released $25 billion in funds to prevent SVB’s liquidity crisis from spreading to the general banking sector.
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