CZ: US $1 billion “Industry Recovery Fund” will be converted from BUSD to BTC, BNB and ETH

On March 13, CZ, the founder of Binance, said in a message on social media that, considering the changes in stable currency and bank, Binance will convert the remaining US $1 billion of industrial recovery plan funds from BUSD to native cryptocurrency, including BTC, BNB and ETH. Some capital flows will occur on the chain to ensure transparency.

Interpretation of this information:

The founder of Binance, CZ, has recently announced a significant move in the company’s industrial recovery plan funds. With changes in the stable currency and bank, the remaining US $1 billion will be converted from BUSD to native cryptocurrencies such as BTC, BNB, and ETH. This change brings transparency to the process as some capital flows will occur on the chain.

The announcement reflects the recent trend of the growing dominance of native cryptocurrencies versus stable currencies. Stablecoins such as BUSD, known for their stability and security, have been widely popular among investors, especially during the periods of market turbulence. However, the emergence of cryptocurrency native to the blockchain network such as Bitcoin and Ethereum has gained more acceptance among investors.

The move from BUSD to native cryptocurrencies, such as BNB, signals the growing trend of creating a utility token on blockchain networks. Binance was among the first to understand and adopt the idea of utility tokens as BNB provided cost savings for traders and offered other benefits. The change to native cryptocurrency is another step to strengthen the adoption of blockchain networks in the financial world, positioning Binance ahead of its competitors.

Moreover, this move positions Binance to capture the benefits of the growing market that will result in the space of native cryptocurrencies. With the increase in acceptance and adoption of native cryptocurrencies, the value of BNB, BTC, and ETH is expected to grow significantly in the future. Given Binance’s status as the leading cryptocurrency exchange globally, the company will stand to benefit from the demand and interaction of these cryptocurrencies.

In conclusion, Binance’s move to converting the remaining US $1 billion of industrial recovery plan funds from BUSD to native cryptocurrency reflects the growing trend of the dominance of native cryptocurrencies over stablecoins. Creating a utility token, such as BNB, is essential in the adoption of blockchain networks in the financial world. The move ahead of Binance’s competitors positions the company to benefit from the growing market of native cryptocurrencies.