June 3, 2023

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Just after the formal declaration from Tether – the stablecoin giant at the back of the issuer of USD Coin (USDC), Circle Pay – has now formally announced to support the next Merge upgrade of Ethereum to Proof-of-Stake (PoS) mechanism of consensus.

On 9th August, a statement was issued by Tether in which the platform categorized the Merge among the most important points within the history of blockchain technology and mentioned that the respective upgrade will operate in line with the schedule set by the Ethereum network and the presently anticipated date for Merge to happen is 19th September.

Tether Joins the Growing Number of Entities Supporting Ethereum after Merge

Tether considers that to stay away from any disturbance to be caused to the community, particularly while utilizing their tokens on the venues and projects based on decentralized finance (DeFi), it is significant that the transformation does not mean creating any confusion and damage to the ecosystem. As per Tether, the platform will keenly focus on the advancement as well as the arrangements for the respective event along with supporting the PoS Ethereum while complying with the formal plan.

They are of the view that a plane transformation counts as the fundamental thing in the durable well-being of the DeFi ecosystem as well as the venues operating within it, taking into account those that utilize their tokens. Though the formal statement has been made today, Paolo Ardoino (the chief technology officer at the stablecoin issuer) had in advance asserted in July to have a strategy to provide support for the ETH2 after the impending Merge.

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Ethereum Nears the Merge

At the moment, USDT is the biggest stablecoin within the crypto market with a cumulative market capitalization of up to $66.6B, whereas USDC is comparatively near it with $54.1B, as disclosed by CoinGecko. These stablecoins possess a considerable number of circulating supply on the present Proof-of-Work blockchain of Ethereum, where USDT stands at $32.3B and the top position is secured by USDC with $45.1B.

Keeping in view the size of the respective stablecoins as well as their authority across the market of stablecoins, the display of the support, in this case, may result in a convenient shift for USDC, USDT, and Ethereum ecosystems, along with a wider crypto market. In the current week, the Ethereum network will go through its conclusive Merge test through the Goerli testnet.

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