It seems that Vitalik Buterin, the mastermind behind Ethereum, had no doubts after USD Coin (USDC) lost its peg to the US dollar and dipped to $0.89. Namely, a wallet named after Buterin spent 500 ether (about $700,000) over the weekend to mint the RAI stablecoin, which it then used to buy USDC.
The wallet is called vitalik.eth and was created seven years ago. On Tuesday, the wallet held more than 5,360 Ethers. Although the wallet bears Buterin’s name, that does not necessarily mean that he is also the man behind the wallet. In principle, anyone can create such wallets.
On the other hand, this wallet has been around for seven years and therefore contains a huge amount of Ethereum. That makes many people think that it is actually a wallet from Buterin.
Buterin spoke about the unique mechanism behind the RAI stablecoin in a not long ago blog post. “I focus on RAI rather than DAI because RAI is closer to the “ideal type” of an Ethereum-backed automated stablecoin,” said Buterin.
Confidence in USDC
The wallet linked to Vitalik Buterin clearly has a lot of faith in USDC, as a considerable amount of capital went to the stablecoin. So far, that has worked out well, as USDC has managed to regain its peg to the US dollar.
In just under 48 hours, buyers of the stablecoin have therefore been rewarded for their trust with a return of around 10 percent. A lot of people will be quite satisfied with that.
On the other hand, Bitcoin and Ethereum also rose considerably during the same period, but that does not alter the fact that it was a very nice opportunity to grab some returns. Now it is to be hoped that USDC remains stable and that the situation is completely resolved.