Tether (USDT), the stablecoin with the highest market cap, announced that it will support the transition of Ethereum (ETH) to a Proof of Stake (PoS) system.
Tether, the largest stablecoin issuer, in its new announcement, Ethereum’s big update Mergeannounced that they would support With this announcement, Tether is one of the most important updates in Ethereum history, which is expected to be active in about 3 days. MergeIt has taken its place among the big companies that support . In the company announcement, mining will end and Proof of Stake After this update, where the (PoS) system will be activated, Proof of Work It was stated that support for tokens working with (PoW) will be stopped.
The biggest competitor of the announcement, USD Coin (USDC) Making references to the front, Tether stated that they are obliged to maintain the confidence in the market.
As the most used stablecoin issuer on the Ethereum blockchain, with 10x the transaction volume of our nearest competitor, we recognize our responsibility to provide confidence in these critical times. Therefore, we will support the PoS system to comply with the official schedule. A smooth transition is also critical for the long-term health of the DeFi (Decentralized Finance) ecosystem. As Tether, we will only support tokens on the PoS chain, and we will end support for the Ethereum Proof of Work chain.