{"id":161913,"date":"2022-08-10T19:37:14","date_gmt":"2022-08-10T19:37:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=161913"},"modified":"2022-08-10T19:37:14","modified_gmt":"2022-08-10T19:37:14","slug":"circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/","title":{"rendered":"Circle&#039;s USDC Will Fully Support Ethereum&#039;s Proof-of-Stake Over A Proof-of-Work Fork &#8211; Here&#039;s Why"},"content":{"rendered":"<ul>\n<li>Circle says it will fully support Ethereum\u2019s transition to Proof-of-Stake amid reports of a fork.<\/li>\n<li>The stablecoin issuer says supporting the Merge means the firm is doing the \u201cright thing.\u201d<\/li>\n<li>Tether had disclosed support for Ethereum\u2019s PoS transition over the weekend, fueling speculation that more stablecoin providers might toe the same path.\u2019<\/li>\n<\/ul>\n<p>Ethereum is staring at another schism in the network as it inches toward transitioning to the PoS consensus mechanism. Stablecoin companies pitch their tents with the planned transition while other entities push for a hard fork.<\/p>\n<h2><strong>Circle will support PoS<\/strong><\/h2>\n<p>Circle, the issuer of the USDC stablecoin, has cleared speculation regarding its stance on Ethereum\u2019s incoming Merge. The company announced that it will wholeheartedly support Ethereum\u2019s switch to PoS on grounds that it is the logical step for the network.<\/p>\n<p>\u201cWe understand the responsibility we have for the Ethereum ecosystem and businesses, developers, and end users that depend on USDC, and we intend to do the right thing,\u201d Circle\u2019s announcement said.<\/p>\n<p>Ethereum\u2019s merge is expected on September 19th, and ahead of the event, tongues are already wagging over the future of the network. Word on the crypto street is that after the Merge, the network could undergo a hard fork that would still allow the PoW consensus mechanism to still be in operation, side by side with PoS.<\/p>\n<p>Proponents of the hard fork are miners with significant investments in Ethereum mining. Chandler Guo, a leading miner, tweeted that the hard fork was inevitable, and when it happens, the new chain will use ETHPOW as its native token. BitMEX stoked the claims of a network split by creating a futures contract for investors to leverage ETHPOW.<\/p>\n<p>\u201cWhile we don\u2019t 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,\u201d said Circle.<\/p>\n<h2><strong>Tether is also in support<\/strong><\/h2>\n<p>Tether, the issuer of USDT stablecoin, has also pitched its tent with Ethereum\u2019s PoS. The disclosure came via the firm\u2019s Chief Technology Officer Paolo Ardoino as he replied to mounting speculation on Twitter.<\/p>\n<p>He noted that the question is not about whether or not the firm prefers PoS or PoW but warned that issuers should act responsibly to avoid user disruption. Ardoino promised the community that support of ETH 2 would be seamless.<\/p>\n<p>Ahead of the Merge, ETH is now the most staked asset, surpassing Solana (SOL) and Cardano (ADA) in the grand scheme. When the transition occurs, the role of miners will be replaced by validators with rewards distributed in proportion to the amount of ETH staked.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/zycrypto.com\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle says it will fully support Ethereum\u2019s<\/p>\n","protected":false},"author":3,"featured_media":161912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Circle&#039;s USDC Will Fully Support Ethereum&#039;s Proof-of-Stake Over A Proof-of-Work Fork - Here&#039;s Why - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circle&#039;s USDC Will Fully Support Ethereum&#039;s Proof-of-Stake Over A Proof-of-Work Fork - Here&#039;s Why - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Circle says it will fully support Ethereum\u2019s\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-10T19:37:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/08\/Circles-USDC-Will-Fully-Support-Ethereums-Proof-of-Stake-Over-A-Proof-of-Work-Fork-Heres-Why-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\",\"name\":\"Circle&#039;s USDC Will Fully Support Ethereum&#039;s Proof-of-Stake Over A Proof-of-Work Fork - Here&#039;s Why - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2022-08-10T19:37:14+00:00\",\"dateModified\":\"2022-08-10T19:37:14+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/circles-usdc-will-fully-support-ethereums-proof-of-stake-over-a-proof-of-work-fork-heres-why\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Circle&#039;s USDC Will Fully Support Ethereum&#039;s Proof-of-Stake Over A Proof-of-Work Fork &#8211; 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