Circle to ‘fully and solely support Ethereum PoS’ Circle to ‘fully and solely support Ethereum PoS’
Circle said it would not have any problem with the Merge, and USDC will function efficiently on a PoS blockchain.
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Updated: Aug. 9, 2022 at 5:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
USD Coin (USDC) issuer Circle has revealed that it would fully support the Ethereum (ETH) proof-of-stake (PoS) chain post-merge.
According to an Aug. 9 blog post, the stablecoin issuer was looking forward to “the future scaling opportunities (the Merge) unlocks as well as the reduced energy consumption profile of the network.”
While we don’t speculate on the possibility of forks post Ethereum Mainnet merge, USDC as an Ethereum asset can only exist as a single valid “version,” and as stated previously, our sole plan is to fully support the upgraded Ethereum PoS chain.
Additionally, the issuer clarified it would not have any problem with the Merge, and USDC will function efficiently on a PoS blockchain.
Circle’s testing environment is connected to the Goerli Ethereum testnet, and we will monitor closely as it merges with Prater in the coming days.
It means the two largest stablecoins in the crypto space, USDT, and USDC, will not support any potential hard forks of ETH.
Circle’s USDC is not only the largest fiat-backed stablecoin on Ethereum but also the biggest ERC-20 asset within the ecosystem.
Meanwhile, crypto exchanges like Huobi, OKX, Poloniex, BitMEX, and others have revealed that they would support ETH hard forks if there is enough demand in the market.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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USD Coin
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
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OKX
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Poloniex
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BitMEX
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