Is Vitalik Buterin Supporting USDC Amid Heavy Depegging?
USDC Crash News: Silicon Valley Bank collapse turns out to be the biggest bank to fall since the financial crisis erupted in 2008. However, this crisis has also indulged the cryptocurrency industry with it. U.S. digital asset firm Circle stated that it has $3.3 billion stuck in the collapsed bank which sent out a massive shockwave in the market.
USDC Got Vitalik’s Back?
USD Circle (USDC), a dollar backed stablecoin, registered a massive depegging event after its issuer announced funds reserved in the SVB. USDC price dropped by over 10% in the last 24 hours. Collapsing from its $1 pegged value, USDC went on to trade at $0.90.
Amid this time of crisis, Ethereum co-founder Vitalik Buterin seems to be supporting the depegged stablecoin. As per the data, Vitalik labeled wallet address converted several digital tokens into the USDC.
PeckShieldAlert reported that Vitalik’s labeled address deposited 500 Ethereum in the Reflexer. Then he went on to mint 150K Rai Reflex Index (RAI) amid the ongoing crisis. However, the address swapped 132.5k RAI for 378.5K USDC. while the remaining 17.5K RAI was swapped for 50K DAI, another depegged stablecoin within a few hours.
Stablecoins In Trouble? USDC, DAI, USDD Depeg As SVB Crisis Deepens| Read More Here
Earlier, Vitalik stated that he is optimistic about the RAI model. Reflexer (RAI) is an algorithmic stablecoin that is non-pegged and is solely collateralized by Ethereum.
Rai Reflex Index is down by 4% in the last 24 hours. RAI is trading at an average price of $2.67, at the press time. However, its 24 hour trading volume has spiked by 187% to stand at $1.7 million.
However, the institutions holding USDC are on a selling spree. As per Look On Chain data, IOSG Ventures’ related institution went on to sell 118.73 million of USDC for 105.67 million USDT. It also included 2,756 Etherem (approx worth $4 million).
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
