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Circle (USDC) wants to support Ethereum's PoS hard fork after the merge

 


The stablecoin publisher Circle, which is responsible for the USD Coin ( USDC ), has announced that after the Ethereum blockchain switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus, the PoS -Hard fork of the influential smart contract platform should be supported:


“The USDC has now become an important building block for DeFi innovations on Ethereum. As a result, the adoption of layer 2 solutions could be advanced and a large number of new application possibilities created. We recognize our responsibility to the Ethereum ecosystem and the projects within it, developers and users who rely on the USDC, which is why we want to make the right decision.”

USDC is both the largest dollar stablecoin on the Ethereum network and the largest ERC-20 token overall, with a market cap of over $45 billion at press time.

Unlike some other crypto projects, Circle doesn't anticipate difficulties merging from Ethereum:

“We do not anticipate any issues with on-chain use of the USDC or our automatic issuance and redemption will be affected. Circle's test system is connected to Ethereum's Goerli testnet and we will be closely monitoring how the final tests are going over the coming days.”

The major stablecoin issuer is the next big player looking to move from Ethereum to PoS. Oracle service Chainlink had previously announced that the new hard fork should be supported, but PoW is no longer taken into account.

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