{"id":75408,"date":"2023-03-13T11:05:59","date_gmt":"2023-03-13T09:05:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75408"},"modified":"2025-09-10T11:31:51","modified_gmt":"2025-09-10T08:31:51","slug":"binance-converts-industry-recovery-initiative-assets-from-busd-to-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-converts-industry-recovery-initiative-assets-from-busd-to-bitcoin\/","title":{"rendered":"Binance converts Industry Recovery Initiative assets from BUSD to Bitcoin"},"content":{"rendered":"<p>Binance converts the Industry Recovery Initiative (IRI) fund assets from the Binance USD (BUSD) stablecoin into Bitcoin, Ethereum and BNB. This was stated by the exchange&#8217;s chief executive, Changpeng Zhao.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Given the changes in stable coins and banks, <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&#038;ref_src=twsrc%5Etfw\">#BNB<\/a> and ETH. Some fund movements will occur on-chain. Transparency.<\/p>\n<p>\u2014 CZ ? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1635131601884700674?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cGiven changes in stablecoins and banks, Binance will convert the remaining assets from the $1 billion IRI into native crypto, including Bitcoin, BNB and Ethereum. Some fund movements will occur on-chain. Transparency,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>Zhao did not specify which changes he had in mind. Perhaps the Binance CEO was referring to the liquidation of <a href=\"https:\/\/forklog.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">Silvergate<\/a> Bank, the closure of <a href=\"https:\/\/forklog.com\/en\/news\/venture-capital-investors-distance-themselves-from-silicon-valley-bank-amid-liquidity-concerns\">Silicon Valley Bank<\/a> (SVB) and the subsequent decoupling of stablecoins <a href=\"https:\/\/forklog.com\/en\/news\/usdc-loses-peg-to-the-dollar-amid-svb-collapse\">USD Coin (USDC)<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/algorithmic-dai-and-frax-lose-peg-to-the-us-dollar-following-usdc\">DAI and FRAX<\/a> from the US dollar.<\/p>\n<p>Earlier, the exchange&#8217;s chief commented on the state of the banking sector, but at the time of writing he had deleted the tweet. According to the screenshot, Zhao questioned the need to rescue troubled financial institutions \u2014 in his view, such help reduces incentives to manage risk.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-03-13-v-10.16.43.webp\" alt=\"Snimok-ekrana-2023-03-13-v-10.16.43\" class=\"wp-image-200295\"\/><figcaption>Data: screenshot of Zhao&#8217;s deleted Twitter post.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt would be foolish not to take on maximum risk for maximum gain and to share the rewards as soon as you receive them. When you fail, you receive financial assistance,\u201d wrote the head of Binance.<\/p>\n<\/blockquote>\n<p>On March 12, the US Treasury, the Federal Reserve System and the FDIC <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">Fed<\/span> and <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-climbs-above-24000\">issued<\/a> a joint statement on measures to support the banking system. According to the agencies, the deposits of SVB and another bank closed by authorities \u2014 Signature Bank \u2014 will be returned in full.<\/p>\n<p>Back in November 2022, Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-earmarks-1-billion-for-web3-industry-recovery-initiative\">launched IRI<\/a> to mitigate the cascading negative effects of the <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX<\/a> collapse on the crypto industry. The platform contributed $1 billion to the fund and said it planned to raise that amount to $2 billion.<\/p>\n<p>In February 2023, <span data-descr=\"New York State Department of Financial Services\" class=\"old_tooltip\">NYDFS<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-new-york-regulator-opens-investigation-into-paxos\">initiated an investigation<\/a> into the BUSD issuer Paxos. Representatives of the latter said they halted the issuance of new coins in line with regulator requirements and severed cooperation with Binance on the stablecoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance converts the Industry Recovery Initiative (IRI) fund assets from the Binance USD (BUSD) stablecoin into Bitcoin, Ethereum and BNB. This was stated by Binance CEO Changpeng Zhao.<\/p>\n","protected":false},"author":1,"featured_media":75409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1625,935,807],"class_list":["post-75408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-binance-usd-busd","tag-changpeng-zhao","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75408"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75408\/revisions"}],"predecessor-version":[{"id":75410,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75408\/revisions\/75410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75409"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}