ETH Co-founder Criticizes MakerDAO’s Intention to Sell USDC

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Vitalik Buterin, co-founder of the second largest cryptocurrency in the market by capitalization, has recently criticized the MakerDAO platform’s idea to rebalance the DAI stablecoin collateral, which involves selling $3.5 billion in USDC for ETH.

yEarn Finance developer banteg announced the intention of the DeFi platform. According to him, the DAI issuer is exploring the possibility of buying Ether “on the market” by converting all USDC from the Pegging Stability Module (PSM).

Circle has previously blacklisted the USDC addresses of 38 Tornado Cash wallets. One of the stablecoin operators blocked the movement of at least 75,000 USDC.

DeFi project MakerDAO has started developing a plan in case the protocol’s core smart contracts fall under government sanctions.

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