Tether Announces Support for Ethereum Proof of Stake Transition

Tether Announces Support for Ethereum Proof of Stake Transition

Both of the largest stablecoin issuers have now agreed to service Ethereum’s proof of stake chain upon launch.

Tether – the issuer of the world’s largest stablecoin, USDT – has confirmed its support for the upcoming Ethereum Merge. This puts both USDT and USDC on the same page, quelling doubts about a potentially combative hard fork in September.

In an announcement on Tuesday, Tether emphasized that it is important not to cause confusion and harm within the Ethereum ecosystem by weaponizing its upcoming transition.
“For this reason, Tether will closely follow the progress and preparations for this event and will support POS Ethereum in line with the official schedule,” said the company.

The transition, said Tether, must be smooth in order to ensure the long-term health of Defi and other ecosystems using Tether’s tokens.
On September 19th, Ethereum is expected to undergo its long-awaited “merge” – an upgrade taking the protocol from proof of work to proof of stake.
As this upgrade will make mining redundant, some members of the Chinese Ethereum mining community have discussed launching a new network – ETHW – at the time of the merge, which will continue using proof of work.

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