Cryptocurrencies

Circle Won't Support Ethereum Offshoots After Software Upgrade

Stablecoin support seen as key to longevity of possible forks
Decentralized-finance apps depend on stablecoins to operate

In this photo illustration, the cryptocurrency generated by — Source: SOPA Images/LightRocket

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By Olga Kharif

August 9, 2022 at 3:00 PM UTC

This article is for subscribers only.

Circle Internet Financial, issuer of the crypto stablecoin USDC, said it won’t support any offshoots of Ethereum when the blockchain network undergoes a major software update expected to be completed as soon as next month.

USDC is the largest dollar-backed stablecoin on Ethereum with about $45 billion in circulation, as well as the most popular so-called ERC-20 token used to facilitate transactions on Ethereum, Circle said in a blog post Tuesday.