BlockBeats News, January 30th, Today, Binance announced that it will gradually convert its original $10 billion stablecoin reserve into Bitcoin, with the plan expected to be completed within 30 days. This move is seen as an attempt to alleviate recent criticisms and controversies from the crypto community regarding the Binance platform.
Following the official announcement, the crypto community has turned to call for industry-leading companies, represented by Tether, to show their support. Yishi, the founder of OneKey, stated that all major cryptocurrency firms need to take action. The demise of Bitcoin is something no one can afford. Binance took the lead, and now it’s Tether’s turn. Crypto KOL and former FTX community partner Benson Sun also expressed similar views.
Garrett Jin, acting as the “BTC OG Insider Whale,” also promptly called for more key crypto firms to step forward and support the industry’s development with real funds.
Public information shows that Tether has become the largest gold reserve holder outside of sovereign nations and banks, with over 140 tons of gold stored in nuclear bunkers. Paolo Ardoino, the CEO of Tether, stated in an interview with Bloomberg that Tether intends to continue reinvesting its enormous earnings in gold. He mentioned that the company currently purchases 1 to 2 tons of gold per week and plans to maintain this pace in the “coming months.”
