Tether, a giant in the stablecoin industry, has recently confirmed it’s supposedly behind the Merge upgrade of Ethereum. The company has also mentioned that it would be switching to a proof-of-stake consensus mechanism-based blockchain. This announcement was declared on the same day as USDC- who went on to pledge that they would only be supporting the highly anticipated upgrade of Ethereum.
In a statement made on Tuesday, the stablecoin went on to label Merge as one of the most important moments in the entire history of blockchain. The company also outlined that it would be working in accordance with the upgrade schedule of Ethereum- which was currently slated to move through on the 19th of September. The company believes that in order to prevent any disruption to the community, it would be important to move to POS- keeping in mind that the mechanism was not weaponized to confuse and harm the entire ecosystem.
Tether Will Pay Close Attention To Ethereum’s Movement
Tether also added that they would be following the progress closely while preparing for this event. They will also support the POS Ethereum in line with the official schedule. They believe that a smooth transition would be quite essential for the long-term health of the ecosystem of DeFi, and its platforms, which also included those that were using the tokens. Although the official announcement came in quite recently, Paolo Arduino- the chief technology user of the company- had already indicated that the company planning on supporting Ethereum post-Merge.
For those who are unaware, Tether is currently the largest stablecoin in the entire cryptocurrency sector- with a total market cap of around $66.6 billion. On the other hand, USDC also follows quite close at $54.1 billion- as reported by CoinGecko.