2022-08-10 12:50:17

Tether Officially Confirms Support Behind Ethereum’s Merge

The stablecoin juggernaut Tether has officially confirmed its support for Ethereum’s forthcoming Merge upgrade and conversion to a Proof-of-Stake (PoS) consensus mechanism-based blockchain after an official announcement by USD Coin (USDC) issuer Circle Pay. This announcement came on the same day as a stablecoin rival who promised to only support the much-anticipated upgrade to Ethereum. The Merge will operate as per Ethereum’s upgrade timetable, currently scheduled for September 19, according to a statement released by Tether on Tuesday, which called the Merge one of the “most crucial moments in blockchain history.” “Tether will closely follow the progress and preparations for this event and 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,” Tether added. Tether – The Largest Stablecoin According to CoinGecko, Tether (USDT) is now the largest stablecoin in the cryptocurrency space with a total market valuation of $66.6 billion, followed closely by USDC at $54.1 billion. A sizeable portion of the circulating supply of each stablecoin is now recorded on Ethereum’s Proof-of-Work (PoW) blockchain. Given the size of these stablecoins and their market domination, the demonstration of support, in this case, should lead to a smooth transition for Ethereum, Tether, and USD Coin, as ...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.