08-10-2022 icon

Tether to support Ethereum’s merge, uncertain about PoW hardfork

By Lucy Adegbe

Largest stablecoin issuer, Tether (USDT) has joined other prominent networks to drum up support for the upcoming Ethereum Merge.

Tether’s support is coming after Circle Pay indicated interest in the Merge. Both networks have a prominent hold over the Ethereum network.

In a blog post titled “USDT Supports ETH Proof-of-Stake Transition,” Tether suggested that it did not intend on causing any confusion or harm to the ecosystem and as such, the network will work in agreement with the imminent Ethereum upgrade.

The post partly read, “Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it is important that the transition to PoS is not weaponized to cause confusion and harm with the ecosystem.” 

With the Merger, the Ethereum network intends to explore the proof-of-stake (PoS) mechanism.

In addition to the support, Tether has pointed out how the smooth transition was mandatory in upholding the long-term health of the DeFi ecosystem.