Circle (USDC) And Tether (USDT) Will Support The Ethereum Merge
✍️ 11 August, 2022 - 14:06 👤 Editor: Jakub Motyka
- On the eve of the Ethereum Merge there are threats of a fork by miners.
- Circle and Tether have confirmed their support for the chain of Ethereum PoS.
- Vitalik Buterin said that stablecoins would be the ones that would choose the future of the blockchain.
Circle and Tether, the issuing companies of the stablecoins USDC and USDT respectively, have pledged their support for Ethereum's transition to Proof of Stake. Following the first announcement by the Circle company on Tuesday 9 August, Tether didn't take long to confirmn. With this, the new network that will take place after the long-awaited Merge will have the two main stablecoins in the market.
Let us remember that Ethereum is about to carry out its update, The Merge, where it will change its consensus method from Proof of Work (PoW) to Proof of Stake (PoS). On this, a part of the users, mainly those who benefit from PoW mining, are not satisfied with the migration, and have threatened to promote a fork in the network. However, by not having the support from USDC and USDT, this proposal has lost steam.
What Do USDC And USDT Stablecoin Companies Think About The Ethereum Merge?
In its statement, Circle, the company responsible for USDC, considers the merger to be an important milestone in scaling the Ethereum ecosystem. He noted that they understand their responsibility to the ecosystem and the companies, developers, and end users that depend on USDC, and intend to do the right thing.
Similarly, Tether (USDT) confirmed its support for the Ethereum PoS blockchain, and indicated that they will work according to the company's update schedule. He added that “Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it is important that the transition to PoS is not weaponized to cause confusion and ecosystem damage.”
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