CZ tweeted that Binance will convert the remaining $1 billion of Industry Recovery Program funds from $BUSD to native cryptocurrencies, including $BTC, $BNB and $ETH, in light of changes to stablecoins and banks. Some of the movement of funds will occur on-chain to ensure transparency.
Whale Alert monitors data showing that 985,088,975 $BUSD (approximately $981,641,163) have been transferred from the Industry Recovery Fund to Binance exchange.
The Industry Recovery Fund is a fund established by Binance to support companies and projects that are facing significant short-term financial difficulties. Binance has committed $1 billion in funding to the fund, which can be increased to $2 billion if necessary. The Industry Recovery Fund is funded by the Binance exchange's own revenue.