Naturally, what many Tether watchers want is a meticulous audit. Tether has faced considerable legal scrutiny over the question of whether or not it really backed every USDT with 1 USD, and was even hit with a $41 million penalty from the Commodity Futures Trading Commission (CFTC). On Thursday, Tether Holdings Limited, whose Tether is the largest stablecoin by market cap, announced it was working with BDO Italia, an accounting firm, for quarterly attestations. The surviving stablecoins are feeling the pressure to win back investors’ trust. However, the collapse of the TerraUSD stablecoin in May 2022 horrified the sector and triggered losses in the billions of dollars. Users worldwide have converted their savings to these tokens, whose prices are meant to remain steady, or ‘pegged’ to the value of assets like dollars, pounds, precious metals, and more. Stablecoins are an enigma in the crypto sector. The Merge is only meant to be the beginning for Ethereum, as it has ambitious plans to scale and grow more efficient until it can “help all of humanity,” according to the official website. “That is the most important development that we are looking up to, which will basically get Ethereum into a bullish scenario very soon,” said Nirmal Ranga, CRO of Indian crypto exchange ZebPay to The Hindu. Yet, that hasn’t stopped crypto traders from investing in a possible surge in Ether’s price as users and those building projects on Ethereum look forward to a hopefully smoother, cheaper, and more eco-friendly experience after the Merge. While official sources reported that 19 September is the deadline, it’s important to remember that Merge ‘deadlines’ are closer to predictions than promises. Now, the goal is to securely shift Ethereum’s activity to this chain. This is called the ‘merge’ event.Įthereum currently has what is known as a “Beacon Chain,” which uses proof-of-stake.
The reason? The crypto community is eagerly anticipating the day when Ethereum will fully transition from the high demand ‘proof-of-work’ method of growing the blockchain, to the far less energy intensive “proof-of-stake’ consensus mechanism. You may have seen a lot of rhymes in the crypto community of late - merge, surge, verge, purge, and splurge are just a few.
(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. While prices turned icy again, the crypto sector is heating up as more participants - traders, developers, founders, regulators, and yes, even hackers - try to leave their unique mark on it.
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