A wallet named after Ethereum co-founder Vitalik Buterin bought USD Coin (USDC), spending 500 ETH to mint RAI stablecoin.
Created seven years ago, the wallet called Vitalik.eth was holding more than 5,360 ETH as of March 14. While Ethereum Name Service (ENS) domains provide solutions to crypto wallets, they may not need to be held by the person who associates the name.
Buterin Praised RAI Before
Blockchain analytics firm PeckShield said on Sunday: “The address labeled Vitalik deposited 500 ETH on Reflexer to print 150k RAI and exchanged 132.5k RAI for 378.5k USDC. Also, they replaced 17.5 thousand RAI with 50 thousand DAI in the last 3 hours.”
Buterin previously referred to RAI’s unique stablecoin mechanism in a blog post. Unlike other stablecoins, the RAI issued by Reflexer Finance is not tied to any fiat currency and is backed by ETH. As of March 14, each RAI is available for $2.7 worth of ETH.
Cryptocurrencies have been on the decline following the collapse of Silicon Valley Bank (SVB) on Friday. Among the companies affected by this collapse was US-based stablecoin issuer Circle, which holds some of the reserves for its USDC stablecoin at Silicon Valley Bank as of January 17.
USDC rebounded on Monday night, giving USDC traders buying low a 10 percent gain in just over 48 hours.
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