Binance will convert the remaining of the $1 billion business restoration initiative funds from BUSD stablecoin to native crypto, together with Bitcoin, Ether and Binance Coin, amid current adjustments in stablecoins and the banking business, its CEO Changpeng Zhao mentioned in a tweet on Monday.
Binance launched the Trade Restoration Initiative (IRI) in November to assist crypto tasks dealing with a liquidity disaster after the collapse of rival FTX.
(Reporting by Shubham Kalia in Bengaluru; Modifying by Savio D’Souza)
