[ad_1] <br><div><div><p>A pockets named after Ethereum co-founder Vitalik Buterin spent 500 ether (<a target="_blank" href="https://www.coindesk.com/price/ethereum/" rel="noopener">ETH</a>), or simply over $700,000, over the weekend to mint the lesser-known RAI stablecoin and used the funds to buy USD coin (USDC) whereas the stablecoin <a target="_blank" href="https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses/" rel="noopener">traded below its $1 peg.</a></p></div></div><div><div><p>The pockets labeled <a target="_blank" href="https://etherscan.io/address/0xd8da6bf26964af9d7eed9e03e53415d37aa96045" rel="noopener">vitalik.eth</a> was created seven years in the past and held greater than 5,360 ether as of Tuesday. Whereas Ethereum Names Service domains resolve to crypto wallets, they could be not essentially held by an individual popularly related to the title.</p></div></div><div><div><p>“Vitalik-labeled tackle has deposited 500 $ETH in Reflexer to mint 150k $RAI, and swapped 132.5k $RAI for 378.5k $USDC,” blockchain analytics agency PeckShield stated Sunday. “Moreover, they swapped 17.5k $RAI for 50k $DAI inside the final 3 hours.”</p></div></div><div><div><p>Buterin has beforehand acknowledged RAI’s distinctive stablecoin mechanism <a target="_blank" href="https://twitter.com/reflexerfinance/status/1626640320304926721" rel="noopener">in a blog post</a>. In contrast to most different stablecoins, the Reflexer Finance-issued RAI is not pegged to any fiat foreign money and is as a substitute backed by ether. Every RAI may be redeemed for $2.7 price of ether as of Tuesday.</p></div></div><div><div><p>USDC depegged over the weekend after Friday’s collapse of Silicon Valley Financial institution precipitated a market-wide drop in cryptocurrencies. Corporations affected included U.S.-based stablecoin issuer Circle Web Monetary, which held among the reserves for its USDC stablecoin at Silicon Valley Financial institution as of Jan. 17.</p></div></div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://www.coindesk.com/markets/2023/03/14/vitalik-buterin-named-wallet-sent-500-ether-to-mint-rai-buy-usdc-amid-depegging/?outputType=amp">Source link </a>