On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as an important milestone in the scaling of the Ethereum ecosystem, writing:
Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset overall, with over $45 billion in market capitalization residing in the ecosystem at the time of publication. Its reserves are audited and held at U.S. financial institutions such as BlackRock (NYSE:BLK).