MakerDAO CoFounder Proposes Dumping 35 Billion USDC Reserves for ETH

While bullish for Ethereum, Vitalik Buterin called the potential conversion a “terrible idea.” MakerDAO co-founder Rune Christensen recently proposed removing all USDC from the DAI stablecoin’s peg-stability module. He suggested that the USDC within, worth $3.5 billion, could be used to buy ETH instead. Yet despite what such a conversion could do to boost ETH’s price, Vitalik Buterin said it was a “terrible idea.” In the governance channel of MakerDAO’s official Discord, Rune expressed concerns over the US Treasury Department’s latest sanctions against privacy protocol Tornado Cash. “It is a lot more serious than I first thought,” he said.