$USDC depegged over the weekend to 89 cents, and a Buterin-named wallet may have bought the dip. By shauryamalwa
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A wallet named after Ethereum co-founder Vitalik Buterin spent 500 ether, or just over $700,000, over the weekend to mint the lesser-known RAI stablecoin and used the funds to purchase USD Coin while it traded below its $1 peg.was created seven years ago and held more than 5,360 ether as of Tuesday. While Ethereum Names Service domains resolve to crypto wallets, they may be not necessarily held by a person popularly associated with the name.
“Vitalik-labeled address has deposited 500 $ETH in Reflexer to mint 150k $RAI, and swapped 132.5k $RAI for 378.5k $USDC,” blockchain analytics firm PeckShield said Sunday. “Additionally, they swapped 17.5k $RAI for 50k $DAI within the last 3 hours.”. Unlike most other stablecoins, the Reflexer Finance-issued RAI is not pegged to any fiat currency and is instead backed by ether. Each RAI can be redeemed for $2.7 worth of ether as of Tuesday.
USDC depegged over the weekend after Friday’s collapse of Silicon Valley Bank caused a marketwide drop in cryptocurrencies. Companies affected included U.S.-based stablecoin issuer Circle, which held some of the reserves for its USDC stablecoin at Silicon Valley Bank as of Jan. 17.
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