Ethereum Foundation converts 1,700 ETH to USDC stablecoin

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Ethereum Foundation converts 1,700 ETH to USDC stablecoin

The Ethereum Foundation, a non-profit organization that creates and supports Ethereum, has converted the value of 1,700 ETH to Circle's USDC stablecoin.

Scopescan, a cryptocurrency analytics firm, reported the transaction today as the foundation converted Ethereum to USDC via Uniswap.

The Foundation said it had around 395,000 ETH, representing 0.297% of Ethereum's total supply by Q1 2022.

The Foundation spent $48 million in research and development and grants to developers working on Ethereum during the financial year 2021, according to the report.

DeFiLama said the organization holds 316,488 ETH worth $502.7 million.

The Foundation did not immediately respond to Decrypt's request for comment.

The Foundation's shift to crypto exchanges was followed by decreases in the price of Ethereum.

For example, on May 6 of 2023, the Ethereum Foundation transferred nearly 15,000 ETH worth $28.5 million to the Kraken cryptocurrency exchange, marking a local landmark.

At that time, Ethereum was trading at $1,900, before falling a few months later. The following months marked the end of a long period of unemployment.

The Foundation donated 20,000 ETH worth $95 million to Kraken on 11 November 2021, once again marking a top in Ethereum's price of around $4,700.

In May 2021, the organization moved just over 35,000 ETH worth $123 million.

In weeks of the transfer, Ethereum's price dropped from above $3,500 to lows of around $1,825 per coinGecko data.

The price of ETH sold today, though, is comparatively less at $2.76 million.

Ethereum was last changing hands at $1,595, 1.6% lower since yesterday per CoinGecko.