Ethereum Foundation Sells 1,000 ETH Using Privacy-Focused USAD Stablecoin
The Ethereum Foundation has announced a sale of 1,000 ETH, following an earlier announcement of a 10,000 ETH sale in September. This sale, valued at around $4.51 million at the current ETH price, will use the privacy-focused stablecoin USAD, launched by Aleo Network Foundation and Paxos Labs.
The Ethereum Foundation will convert the 1,000 ETH into USAD stablecoins via CoWSwap. USAD encrypts wallet addresses and transaction amounts, appealing to institutions seeking transactional privacy. It aims to provide a trustworthy, programmable, and confidential digital dollar for institutional use.
The funds raised from this sale will support initiatives such as research, grants, and donations. This sale is part of a broader goal to highlight the power of decentralized finance.
The Ethereum Foundation's sale of 1,000 ETH, valued at approximately $4.51 million, will use the privacy-focused USAD stablecoin. The funds will support various initiatives, contributing to the broader goal of showcasing decentralized finance's potential.
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