A wallet named after Ethereum co-founder Vitalik Buterin spent 500 ether, or just over $700,000, over the weekend to mint the lesser-known RAI stablecoin and used the funds to purchase USD Coin (USDC) while it traded below its $1 peg.

The wallet labeled vitalik.eth was created seven years ago and held more than 5,360 ether as of Tuesday. While Ethereum Names Service (ENS) domains resolve to crypto wallets, they may be not necessarily held by a person popularly associated with the name.

“Vitalik-labeled address has deposited 500 $ETH in Reflexer to mint 150k $RAI, and swapped 132.5k $RAI for 378.5k $USDC,” blockchain analytics firm PeckShield said Sunday. “Additionally, they swapped 17.5k $RAI for 50k $DAI within the last 3 hours.”

Buterin has previously acknowledged RAI’s unique stablecoin mechanism in a blog post. Unlike most other stablecoins, the Reflexer Finance-issued RAI is not pegged to any fiat currency and is instead backed by ether. Each RAI can be redeemed for $2.7 worth of ether as of Tuesday.

(By Shaurya Malwa)