Circle’s USDC Will Only Support For Ethereum PoS Chain

Circle, the organization behind the second stablecoin by market capitalization, has given its stance on the future of Ethereum after The Merge.

By the evening of August 9, Circle, a stablecoin giant in DeFi industry which issued stablecoin USDC with a market capitalization of more than $54 billion, announced that it would side with Ethereum Proof-of-Stake.

In the blog post, Circle wrote:

“While we don’t speculate on the possibility of forks post Ethereum Mainnet merge, USDC as an Ethereum asset can only exist as a single valid “version,” and as stated previously, our sole plan is to fully support the upgraded Ethereum PoS chain.”

The hot topic of discussion in the crypto community recently is the proposal to hard fork the Ethereum chain to keep the current Proof-of-Work version after The Merge, instead of moving forward to the Proof-of-Stake roadmap, which has led to a split in the HODLer ETH community.

This proposal has received the support of a group of organizations, most of which are ETH miners who do not want to lose their rights when the Ethereum network gives up mining activities with a group of exchanges such as Poloniex, MEXC, and BitMEX through the listing of derivative tokens related to The Merge.

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