Tether is whipped for Ethereum merge! Is it planning to take the free ride?

Tether is joining the support wagon for the Ethereum merge

The Ethereum merge is right around the corner and it is getting a lot of positive support lately. Everybody is eager to reap the benefits.

Tether (USDT) is currently the largest stablecoin in crypto, with a total market cap of $66.6 billion, while USDC is relatively close behind at $54.1 billion, according to CoinGecko. Both stablecoins have a significant amount of their circulating supply on Ethereum's current proof-of-work (PoW) blockchain, with USDT at $32.3 billion and USDC taking the top spot at $45.1 billion at the time of writing. Given the size of these stablecoins and their dominance over the stablecoin market, the show of this support in this instance should result in a smooth transition for the Ethereum, Tether, and USD Coin ecosystems, as well as the broader crypto market as a whole.

Hot on the heels of an official announcement from USD Coin (USDC) issuer Circle Pay, stablecoin giant Tether has now also officially confirmed its support behind Ethereum's upcoming Merge upgrade and switch to a proof-of-stake (PoS) consensus mechanism-based blockchain. The announcement came on the same day as its stablecoin competitor, who pledged they will only support Ethereum's highly anticipated upgrade. In a Tuesday statement, Tether labeled the Merge one of the "most significant moments in blockchain history" and outlined that it will work in accordance with Ethereum's upgrade schedule, which is currently slated to go through on Sept. 19: "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."