Circle Plans to Support Ethereum PoS Chain Only After Merger Completes
"USDC as an Ethereum asset can only exist as a valid single 'version'," the team said. Circle.
New
Tuesday, Circle, the issuer of stablecoin USD Coin (USDC), pledged to fully support Ethereum's transition to a proof-of-stake, or PoS, blockchain after the highly anticipated Merge upgrade . The company sees the merger as an important step in scaling the Ethereum ecosystem, writing:
"USDC has become a central part of Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped expand the set of use cases that today rely on the vast suite of "Ethereum. We understand the responsibility we have for the Ethereum ecosystem and the businesses, developers, and end users who depend on the USDC, and we intend to do the right thing."
Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset overall, with over $45 billion in market capitalization residing in the ecosystem at the time of publication. Its reserves are audited and held in US financial institutions such as BlackRock.
Unlike others, Circle continued that it does not expect any issues as the Ethereum blockchain begins its transition, stating:
"We do not anticipate any disruptions to USDC's on-chain capabilities or our fully automated issuance and redemption services. Circle's test environment is connected to the Goerli Ethereum testnet, and we will be monitoring closely its merger with Prater in the coming days."
The company is following suit alongside a growing number of companies that are securing the transition to Ethereum's PoS blockchain once the merger is complete. The day before, Chainlink said it would not support any proof-of-work forks after the upgrade. Due to the pro...
"USDC as an Ethereum asset can only exist as a valid single 'version'," the team said. Circle.
New
Tuesday, Circle, the issuer of stablecoin USD Coin (USDC), pledged to fully support Ethereum's transition to a proof-of-stake, or PoS, blockchain after the highly anticipated Merge upgrade . The company sees the merger as an important step in scaling the Ethereum ecosystem, writing:
"USDC has become a central part of Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped expand the set of use cases that today rely on the vast suite of "Ethereum. We understand the responsibility we have for the Ethereum ecosystem and the businesses, developers, and end users who depend on the USDC, and we intend to do the right thing."
Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset overall, with over $45 billion in market capitalization residing in the ecosystem at the time of publication. Its reserves are audited and held in US financial institutions such as BlackRock.
Unlike others, Circle continued that it does not expect any issues as the Ethereum blockchain begins its transition, stating:
"We do not anticipate any disruptions to USDC's on-chain capabilities or our fully automated issuance and redemption services. Circle's test environment is connected to the Goerli Ethereum testnet, and we will be monitoring closely its merger with Prater in the coming days."
The company is following suit alongside a growing number of companies that are securing the transition to Ethereum's PoS blockchain once the merger is complete. The day before, Chainlink said it would not support any proof-of-work forks after the upgrade. Due to the pro...
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