Circle will not be supporting PoW anymore! See the details! On the 9th of August, Jeremy Allaire, Co-Founder and CEO of Circle, posted an official announcement on Twitter regarding Circle’s position on ‘The Merge’.
Circle's position on USDC and the upcoming Ethereum Merge: https://t.co/s0GrvZs40E
— Jeremy Allaire (@jerallaire) August 9, 2022
Following the upcoming upgrade called ‘The Merge’ in September, many people and businesses published their positions on ‘The Merge’.
On the 9th of August, Circle, the issuer of USDC, posted a blog post referring to its position after ‘The Merge’. In the blog post, Circle stated its intention to fully and solely support the Ethereum Proof-of-Stake (PoS) after ‘The Merge’. As everyone knows, ‘The Merge’ is a network upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS). It means Circle will not be supporting PoW anymore.
Circle stated, “As a result of our decision to support the Ethereum PoS chain post-merge, we do not anticipate disruptions to USDC on-chain capabilities nor [to] our fully automated issuance and redemption services.”
Circle about The Fork
The fork is another thing frequently mentioned when it comes to ‘The Merge’. People in the community have been posting their views on this matter.
According to the blog post, Circle addressed the fork by saying, “While we do not speculate on the possibility of forks post Ethereum Mainnet merge, USDC as an Ethereum asset can only exist as a single valid ‘version.'” Circle emphasized again that they will solely support the upgraded Ethereum PoS chain.
Circle ended its blog post by stating its excitement to see the progress of ‘The Merge’.
Circle joins some firms who previously stated their position to focus on PoS after ‘The Merge’, such as Chainlink. Currently, the community is waiting for other statements or announcements from other firms regarding their views on ‘The Merge’.