Tether (USDT) & USD Coin (USDC) Stablecoins To Play A Crucial Role In Future Hard Forks

Published by
Delma Wilson

While the cryptocurrencies are gaining mainstream attention, so does centralized stablecoins like Tether (USDT) and USD Coin (USDC).

Now, vitalik buterin , ethereum co-founder, claims that these centralized stablecoins are on the verge of becoming decision makers in the near future, hard forks that are always on dispute.

Vitalik made this statement while in conversation at the BUIDL Asia conference held at Seoul on August 3. He was in talks with near protocol co-founder, Illia Polosukhin regarding Ethereum merge.

Ethereum co-founder was seen taking his stance towards centralized stablecoins as he believes that these centralized stablecoins are the one that will help to decide which blockchain protocol the industry will accept for hard forks.

Whenever a blockchain network’s protocol undergoes a significant change that leaves two completely independent versions, this is known as a “hard fork.” And it ends where one chain is given more importance than the other.

Further Vitalik asserts that in future the crypto space will see 100 billion of USDT on one chain and 100 billions of USDT on another, hence Tether should stop preferring one over other.

Centralized Stablecoins To Decide Future ETH Hard Forks

When he was questioned if Ethereum’s upcoming merge would experience anything similar, Vitalik answered that anything such would not happen. He also noted that the centralized stablecoin issue is more related with future hard forks.

However, Vitalik claimed that in the upcoming five to ten years, Ethereum might witness more troubled hard forks where these centralized stablecoins would play a crucial role.

The upcoming Ethereum merge which is scheduled on September 19 is an important technical update for the network, because this will help the system to upgrade from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism

The merge was given a green signal after the Goerli testnet was successfully launched recently last month.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Recent Posts

Bitcoin (BTC) Price To Fall Further In December, Claims Top Analyst

Bitcoin price has endured a choppy 2022, with market strategists struggling to point out the…

December 2, 2022

Will Ripple’s Possession of XRP Tokens Create a Problem in the Ongoing Case?

With the issuing of a Summary Judgment, the long Ripple vs SEC case which had…

December 2, 2022

Top 3 Altcoins For December 2022:-BNB, MATIC, LINK Price to Explode Very Soon!

After the fresh price slash, Bitcoin's price appears to be quite uncertain as it is…

December 2, 2022

Oryen Network Leads Staking Revolution With 250% Price Increase With Many Aptos, Tron And Cosmos Holders Investing

Oryen (ORY) breaks new ground by offering investors a stable APY, unlike Aptos, Tron, and…

December 2, 2022

Fantom (FTM) Price Ignites a Giant Move, Poised for a 50% Upswing to Reach $0.5 in the Next 2 Weeks!

The crypto space had undergone a significant upswing in the past couple of weeks as…

December 2, 2022

Rasta Beach Club – The Free Mint NFT Collection Expected To Light Up The Ethereum Blockchain

Rasta Beach Club is a generative NFT Art collection. The bright & vibrant collection combines…

December 2, 2022