Ethereum co-founder Vitalik Buterin has been making headlines recently for his transfer of 700 ETH to two different addresses. He sent 200 ETH to Kraken and 500 ETH to Reflexer to accumulate stablecoins like USDC and DAI. In this post, we’ll explore his recent move and the state of stablecoins in the crypto market.
Vitalik Buterin’s Recent Transfer
According to analytics platform Etherscan, Vitalik Buterin recently transferred 200 ETH to a wallet belonging to Kraken. The reason for this transaction remains unclear. However, he sent the remaining 500 ETH to Reflexer to accumulate stablecoins. He used the ETH stash as collateral on Reflexer to mint 150,000 RAI tokens, exchanging most for USDC. He also swapped 17,500 RAI for 50,000 DAI.
USDC, the second-largest stablecoin, has experienced some turbulence recently. Its price briefly fell to as low as $0.87 after Circle revealed its exposure to the failed Silicon Valley Bank. Despite the problems, Circle assured its users that it would cover any shortfall using corporate resources. USDC’s price has since stabilized and is currently hovering around $1.
Vitalik Buterin’s transfer of 700 ETH to Kraken and Reflexer to buy stablecoins like USDC and DAI highlights the growing importance of stablecoins in the crypto market. USDC’s recent turbulence also emphasizes the need for stablecoins that are truly stable. As the crypto market continues to evolve, it will be interesting to see how stablecoins like USDC adapt and innovate to meet the needs of users.
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