Tether, Circle Throw their Weights Behind the Post-Merge Ethereum

August 10, 2022

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Tether, Circle Throw their Weights Behind the Post-Merge Ethereum

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The issuers of the two largest stablecoins in the crypto space, Tether and Circle have announced their supports for the Ethereum potential proof-of-stake chain.

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Tether and Circle Support Potential Ethereum Merge

In a blog post by Tether on August 9, Ethereum is close to a historical transition from proof of work to proof of stake chain, according to Tether, to thwart any disruption to the community, especially when using Tether’s token in DeFi projects and platforms, the Ethereum transition mustn’t be weaponized to “cause harm or confusion within the ecosystem.”

“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.” according to a statement in the blog post.

While Tether just released its official statement regarding the merge, Tether CTO, Paolo Ardoino had already disclosed Tether’s plans to support the merge through his social media handle.

He didn't outright say he would support PoS/ETH2 by default – it looks like he will support the chain that will lead to more stability and avoid disruptions. Granted, this will probably still end up being ETH2, but I think it slightly shifts the odds in Galois's favour.
— FatMan (@FatManTerra) July 31, 2022

The issuer of USDC algorithm stablecoin, Circle has also published its stand on the Ethereum merge, in the blog post, Circle wrote;

“As Ethereum approaches “The Merge” event, we are excited about the future scaling opportunities it unlocks as well as the reduced energy consumption profile of the network.”

Tether is the company behind the largest algorithm stablecoin by market cap ($66.6 billion) while USDC is relatively close to Tether’s USDT, with a market cap of $54.1 billion according to Coingecko.

Both algorithm stablecoins (USDT and USDC) have a considerable amount of their supply on the current Ethereum proof-of-work chain.

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