Tether has confirmed official support for Ethereum Proof-of-Stake (PoS) following the Merge upgrade, with the announcement coming on the same day that stablecoin competitor SUDC also announced support for the anticipated upgrade. high of Ethereum as well
In the Tether statement indicate thatThe merge is one of the “most important moments in blockchain history,” and it says it will work on the Ethereum upgrade schedule, which is now scheduled to run on September 19.
“Tether believes that in order to avoid disruption, especially when tokens are used in projects and DeFi platforms, it is important that the switch to POS is not something that will cause confusion and harm within the ecosystem.”
“Tether will be closely monitoring the progress and preparations for this event. And it will support the Ethereum POS on its official schedule. And we believe a smooth transition is essential for the long-term integrity of the DeFi ecosystem and the platform and who uses our tokens,” Tether added.
Paolo Ardoino, chief technology officer of the stablecoin issuer, previously stated in July that: They plan to support ETH2 after the Merge.
USDT is currently the largest stablecoin in the cryptocurrency. It has a total market capitalization of $66.6 billion, while USDC is pretty close at $54.1 billion, according to CoinGecko.
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