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 ...
