The industry recovery fund is intended to help struggling players in the wake of FTX's calamitous insolvency.
The recovery fund is going to get $1 billion in initial commitments. The company said it could increase that amount to $2 billion in the future.
It has received $50 million from investment firms in the form of pledges.
The public wallet address was shared by the CEO of the company. CNBC reviewed public data and found that the BUSD stable coin had a balance of $1 billion.
The New York State Department of Financial Services regulates BUSD, a stable coin issued by Paxos.
Sam Bankman-Fried's exchange FTX filed for Chapter 11 protection earlier this month.
Bankman-Fried's firm had bought or invested in a number of struggling firms in the industry before it collapsed, leaving a hole in the industry.
The failure of FTX was caused by a message posted by the CEO of the company. Since the winddown of FTX two weeks ago, investors have been worried about a possible outbreak of a new type of disease.
A lawyer for the company gave a damning verdict in the first court hearing for the case, saying the company was run as a personal fiefdom of Bankman- Fried.
The vehicle is not an investment fund and is intended to support companies and projects that are facing financial difficulties. It is his intention to prevent further spillover effects from FTX.
The program is expected to last six months, according to the company. Applications from investors are being accepted.
It's flexible on the investment structure and accepts contributions in cash, debt and token. Individualized solutions are expected from the company.
The fund has around 150 companies applying for it.
The news didn't make much of a difference to the markets. In the past hour, ether was flat, whilebitcoin was up about 2%.
The Thanksgiving holiday in the US is expected to have thin trading volumes.