he Ethereum (CRYPTO: ETH) Foundation has converted 1,700 ETH, valued at approximately $2.76 million, into Circle’s USDC (CRYPTO: USDC) stablecoin.
What Happened: According to scopescan, an on-chain analytics firm, "the Ethereum Foundation has just sold 1,700 ETH ($2.76 million) for USDC." The Ethereum Foundation, a non-profit organization executed this transaction via Uniswap.
The Foundation’s holdings have been disclosed in their April 2022 report, revealing that they possessed about 395,000 ETH, representing approximately 0.297% of Ethereum’s total supply as of Q1 2022. Throughout the 2021 financial year, the Foundation allocated a total of $48 million towards research and development, as well as grants for developers working on the Ethereum ecosystem.
