While USDC’s weekend depegging had some parties rushing to cash out, Ethereum’s Vitalik Buterin bought over $400,000 worth of the stablecoin.

Blockchain data shows that Buterin exchanged 500 ETH for 400,359 USDC in a series of transactions. According to transaction history recorded on block explorer Etherscan, he first acquired 286,498 USDC at a 5% discount at 6:24 on March 11.

He acquired the rest of the tokens shortly after, with the last trade coming in when USDC was trading at a low of $0.88. The trades were executed through Gnosis-based decentralized exchange (DEX) CoW Swap,  Ethereum-based DEX Uniswap and DeFi aggregator ParaSwap. 

Buterin also acquired more than $27,000 worth of MakerDAO stablecoin DAI, which also briefly lost its peg to the U.S. dollar. 

Analysts at Lookonchain found that Buterin first exchanged 500 ETH for 150,000 RAI, a non-pegged ETH-backed stable asset, and then traded it in for the USDC and DAI.

Meanwhile, some crypto funds, including Jump Trading, Genesis Trading and BlockTower Capital sent several millions of dollars-worth of USDC to Circle and Coinbase.

Investment firm Taureon Capital and Proof of Attendance Protocol (POAP) founder Patricio Worthalter joined Buterin in buying up USDC. Taureon traded $2.3 million worth of USDT for $2.5 million USDC, while Worthalter traded $890,439 USDT and $106,766 BUSD for $1,081,909 USDC.

Circle-issued USDC lost its peg over the weekend after the firm revealed it had $3.3 billion of its reserves tied up at Silicon Valley Bank (SVB), which went under on Friday. USDC has since returned to its peg and Circle CEO Jeremy Allaire assured that 100% of the firm’s deposits at SVB would be returned following “crucial steps” taken by U.S. regulators.