As Ethereum nears the Merge, some blockchain proponents are poised to fork and maintain legacy Ethereum.
As was recently reported, EthereumPow (or proof of work) is almost ready to go with certain exchanges announcing possible support. One of the largest crypt operations in the world won’t be a backer. Circle, the issuer of USDC – the second largest stablecoin in the world, recently posted a blog indicating they will only support the new and improved Ethereum that will be a proof of stake blockchain.
Joao Reginatto from Circle stated:
“We are excited about the upcoming merge between Ethereum’s current execution layer and the Beacon Chain, with its new PoS consensus. As a result of our decision to support the Ethereum PoS chain post-merge, we do not anticipate disruptions to USDC on-chain capabilities nor to our fully automated issuance and redemption services. Circle’s testing environment is connected to the Goerli Ethereum testnet, and we will monitor closely as it merges with Prater in the coming days. 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.”
Reginatto added that USDC is not only the largest dollar-backed stablecoin issued on Ethereum but the largest ERC-20 asset overall. He said they have a responsibility for the Ethereum ecosystem, and they intend to “do the right thing.”