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August 9, 2022

Circle Says It Will Fully and Solely Support Ethereum PoS

After the two chains have merged, the issuer of USD Coin (USDC), Circle, has announced that it would provide full support for the Ethereum (ETH) proof-of-stake (PoS) chain.

The issuer of the stablecoin, Circle, expressed excitement about “the future scaling potential (the Ethereum Merge) unlocks as well as the lower energy consumption profile of the network,” as stated in a blog post that was published on August 9th.

Although we do not comment on the likelihood of forks occurring after the Mainnet merging of Ethereum, USDC as an Ethereum asset can only exist as a single legitimate “version,” and as was said before, our only intention is to fully support the upgraded Ethereum PoS chain.

In addition, the issuer made it clear that it would not have any issues with the Merge, and that USDC will operate well on a PoS network.

The testing environment that Circle uses is linked to the Goerli Ethereum testnet, and we will be keeping a close eye on the process as it merges with Prater over the next several days.

This implies that the two stablecoins with the most market share in the cryptocurrency industry, USDT and USDC, will not support any hypothetical hard forks of Ethereum.

Not only is Circle’s USDC the most widely traded fiat-backed stablecoin on Ethereum, but it is also the most widely traded ERC-20 asset in the ecosystem as a whole.

In the meanwhile, cryptocurrency exchanges such as Huobi, OKX, Poloniex, and BitMEX, amongst others, have disclosed that they would back ETH hard forks if there was sufficient demand in the market.

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