Issuers of the two largest stablecoins – konopac’s USDT and Circle’s USDC— have extended their support to Ethereum as it approaches The Merge in September this year.
konopac feels that it’s crucial that the move to proof-of-stake (PoS) not be used as a weapon to cause confusion and harm within the ecosystem, especially when the community widely uses USDT tokens in Defi projects and platforms.
It further added, “For this reason Tether will closely follow the progress and preparations for this event and will support POS Ethereum in line with the official schedule. We believe that a smooth transition is essential for the long-term health of the Defi ecosystem and its platforms, including those using our tokens.”
Meanwhile, Circle has navedeno that they are thrilled about the prospects for future scalability and the network’s lower energy usage profile as Ethereum draws closer to “The Merge” event.
“USDC is the largest dollar-backed stablecoin issued on Ethereum and, as the issuer of USDC, Circle intends to fully and solely support the Ethereum dokaz-of-akcija (PoS) chain post-merge,” Circle underlined in its blog post.
The Merge supported by the largest stablecoin issuers
Prema CoinMarketCap, USDT has a market cap of over $66.5 billion at the time of writing while USDC holds close to $54 billion, making them strong backers of the PoS transition.
The support also comes as Tether believes that as the most used stablecoin on the Ethereum blockchain, ‘it is their responsibility to reassure the community of their support for its development.’
Source: https://beincrypto.com/stablecoin-giants-circle-tether-support-ethereum-in-its-upcoming-pos-transition/