Tether, a known name in the stablecoin world, has announced that it is going to support ETH’s scheduled Merge upgrade in September. The company made its announcement after Circle Pay a USDC issuer, made its intentions clear. ETH is conducting this merger in an effort to switch to a PoS-based blockchain.
In a statement on August 9th, Tether called the upcoming Merge a significant step forward in the history of blockchain. It plans to work in accordance with the upgrade schedule. The upgrade is set to be done on September 19th, 2022. Per the statement, Tether wants to help avoid disruption in the crypto community especially where token use on DeFi platforms and projects is concerned. It is important to ensure that the transition to a PoS system goes through smoothly without causing issues and harm in the ecosystem.
Tether plans to follow the preparations and progress for this event and plans to support ETH completely right through the officially published schedule. According to the press release, a smooth transition is very important to the health of the entire DeFi ecosystem.
Tether holds the current moniker of being the largest stablecoin with a market cap of over $66.5 billion. USDC is in second place with a $54.1 billion market cap according to available data. Both of these cryptos have a significant amount of their coin supply tied to ETH’s current PoW platform.
Considering that these two are the biggest stablecoins and that they are dominant, this show of support will be a big help to ETH. The transition to a PoS blockchain will help the whole crypto market well.