Circle, the producer of USDC, one of the largest stablecoins, has just announced that after the update to the Ethereum blockchain, proof-of-stake (PoS) will support your network.
Ethereum community, The Merge The update is expected to be completed in the third or fourth quarter of this year.
At the moment proof-of-work Ethereum network working with the algorithm, by fully integrating the Beacon Chain after this update is complete, to the proof-of-stake algorithm will switch.
Circle is only available after the update is complete. Supports Ethereum network using proof-of-stake algorithm will be. Circle management made this decision. He does not expect it to affect transactions with USDC.
The Circle team used the following statements in a statement on the subject today:
“We are not concerned with whether there will be a fork in the Ethereum network after the consolidation is achieved. However, as an Ethereum-based asset, there needs to be only one ‘valid’ version of USDC.”
Some groups in the Ethereum community, proof-of-work It wants to continue its network after this update. Vitalik Buterin, co-founder of Ethereum, It is unlikely that it will be accepted in the long run..