Binance Coin Nears $1,190 as China Merchants Bank Brings Tokenized Fund to BNB Chain

BNB hovered around $1,200 on Wednesday, down 0.5% after retreating from a recent all-time high, following a crypto-wide liquidation that erased roughly $500 billion in market value. The token recovered from lows near $1,145 to highs around $1,237, suggesting persistent buying interest despite broader macro uncertainty.

BNB Chain and Binance have implemented measures to bolster market confidence. A $45 million airdrop with PancakeSwap and Trust Wallet targeted active community members, while Binance unveiled a $400 million “Together Initiative” to strengthen user engagement and trust.

Binance’s stablecoin reserves rose to $44.6 billion, up over $3 billion since the start of the month, indicating that investors are holding liquidity rather than exiting the market.

Institutional developments are also supporting BNB. China Merchants Bank International (CMBI) tokenized its USD money market fund on the BNB Chain, issuing CMBMINT and CMBIMINT tokens for accredited investors via DigiFT and OnChain. Additionally, Hong Kong-listed China Renaissance reportedly plans a $600 million crypto treasury raise focused on BNB.

Technical Outlook
According to CoinDesk Research, BNB has established firm support between $1,190 and $1,195, consistently absorbing selling pressure. Resistance sits near $1,215–$1,220, limiting short-term rallies but leaving the overall recovery intact.

Trading volumes during the recent rebound more than doubled the 24-hour average, confirming renewed demand. Volume has since eased near the upper range, signaling potential consolidation before another upward push if market sentiment remains favorable.

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