Circle Says It Will Only Support Ethereum’s PoS Chain After Merge

by in Blockchain News

Circle Ethereum merge

Crypto financial services and payments company Circle released a blog post about the company's approach toward the expected update of Ethereum. The team said since the release of the USDC stablecoin on Ethereum in Sept. 2018, they have collaborated closely with the ecosystem and have seen essential innovations.

Related: Buterin Says With the Merge Ethereum Will Be 55% Complete

As the Merge is scheduled for September, some community members and miners propose a fork to continue operations on Proof-of-Work.

Circle expressed its support for the Merge event saying they are excited about the possibilities that the blockchain achieves as well as less energy usage. The platform said after the Merge, it is going to support the PoS chain only. The Circle team said they look forward to the continued progress of Ethereum's scaling roadmap. In Circle's view, planned upgrades are the key to the growth and improvement.

USDC is the fourth largest cryptocurrency at the moment with a market cap of over $53 bln. It is the second stablecoin after Tether (USDT).