USD Coin (USDC) issuer Circle says that it will support only the Ethereum proof-of-stake chain once the leading smart contract platform completes its highly anticipated Merge.
In a statement, Circle says that it made its decision based on the role it plays in the Ethereum ecosystem as the issuer of the biggest ERC-20 token and the “largest dollar-backed” stablecoin on the network.
“As Ethereum approaches “The Merge” event, we are excited about the future scaling opportunities it unlocks as well as the reduced energy consumption profile of the network. USDC is the largest dollar-backed stablecoin issued on Ethereum and, as the issuer of USDC, Circle intends to fully and solely support the Ethereum proof-of-stake (PoS) chain post-merge.
We 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.”
Circle reiterated that it considers the upcoming Ethereum PoS chain to be the only “valid” home for USDC relative to any potential forks of Ethereum.
“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.”
Circle’s statement comes after decentralized oracle network Chainlink (LINK) announced that it will not support forked versions of Ethereum after the much-anticipated Merge upgrade takes place in September.
“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol.”
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Featured Image: Shutterstock/Julia Ardaran