According to the latest developments Ethereum (ETH) a wallet owned by founder Vitalik Buterin, another stablecoin Reflex (RAI) currently collapsing by selling USD Coin (USDC) he bought.
Vitalik Buterin Bought Small Amount Of Downfall USDC Token
Buterin’s cryptocurrency address converted 20,040 RAI tokens to 56,746 USDC according to the data.
However, Vitalik Buterin has said in his past statements that he is optimistic about RAI’s structure as an algorithmic stablecoin. The RAI token is known as a stablecoin collateralized by Ethereum.
It is unclear whether this move can be interpreted as support for USDC.
However, Binance CEO Changpeng Zhao, one of the most important names in the crypto money world, also announced that they will continue to support many different stablecoins.
Binance also announced that they will launch stablecoin trading pairs on the platform today.
Haohan Xu, CEO of Apifiny, evaluated the decline in the USDC token in his statement:
“I think the market ‘panic-priced’ USDC just like it priced USDT during the Luna crash.
This is behind Circle’s exposure to SVB risk and Coinbase’s shutdown of its USDC conversion function.”
On Friday, crypto firms such as Binance and Tether tried to reassure their customers over the risks posed by the bankrupt bank via Twitter. Changpeng Zhao tweeted that the company has no bank exposure and its funds are safe.
Pax Dollar’s issuer, Paxos, and cryptocurrency exchange Gemini, said they had no affiliation with the bank, according to statements they made on their official Twitter accounts.
*Not investment advice.
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