USD₮ Supports ETH Proof-of-Stake Transition

by Tether | Aug 9 2022

Ethereum is nearing one of the most significant moments in blockchain history as it prepares to make the move from POW to POS. Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it’s important that the transition to POS is not weaponized to cause confusion and harm within the ecosystem.

For this reason, Tether will closely follow the progress and preparations for this event and will support POS Ethereum in line with the official schedule. We believe that a smooth transition is essential for the long term health of the DeFi ecosystem and its platforms, including those using our tokens. As the issuer of tether tokens, Tether intends to support only tether tokens on the Ethereum POS chain post-merge and will cease support for Ethereum POW chain post-merge.

As the biggest stablecoin in the market trading at 10 times the volume of our closest competitor, and the most used stablecoin on the Ethereum blockchain with 3 times more people holding tethers in their wallet than any other stablecoin, we know it is our responsibility to reassure the community of our support for its development. 

While we do not speculate on the possibility of forks connected to the Ethereum Mainnet merge, tether token as an Ethereum asset can only exist as a single valid “version,” and as stated previously, our plan is to solely support the upgraded Ethereum POS chain.

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