The upcoming Ethereum Merge event will see the Ethereum blockchain migrate from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus on September 15, 2022 (estimated). As we shared last month, Circle will fully and solely support USD Coin (USDC) and Euro Coin (EUROC) on the PoS chain post merge.
Circle had the opportunity to observe The Merge on Goerli Ethereum testnet, and we have used that experience to monitor our infrastructure’s response. We are pleased to report that the process was very smooth.
Leading up to, during, and after The Merge, we do not anticipate any disruption to on-chain USDC and EUROC activity. We expect that the migration to PoS will be seamless.
Circle will conduct a brief maintenance period just before and after The Merge so that we can monitor the upgrade. We will temporarily pause deposits and withdrawals of Ethereum assets to and from Circle accounts for approximately two hours before The Merge starts and for another two hours once it is finished. This includes USDC and EUROC on Ethereum, as well as all ETH/ERC-20 deposits and withdrawals. The Merge itself is expected to take a matter of minutes.
Our goal is to make The Merge as frictionless, secure and safe as possible for our customers. While The Merge is not expected to require this additional maintenance period, we believe that taking this precautionary measure during this significant event best ensures the stability of our services.
Issuance and redemption of USDC will continue to function through the non-Ethereum chains that Circle supports. Meanwhile, because EUROC is currently exclusively on Ethereum, issuance and redemption will be temporarily affected by the maintenance window.
Circle customers will be notified via email and on social media about when the maintenance will begin and end. There is no action required by Circle Account customers, or USDC or EUROC users and holders.
To summarize, Circle Account activities affected during the maintenance window:
- Incoming deposits on Ethereum will temporarily be paused. As soon as the maintenance is completed, previously unobserved transactions will immediately be processed.
- Outgoing withdrawals on Ethereum will not be processed and Circle Account balances will not be debited. Once the maintenance has concluded, withdrawals on Ethereum can be re-attempted.
Circle Account activities not impacted during the maintenance window:
- Deposits and withdrawals of USDC on non-Ethereum chains (e.g., Solana, Avalanche)
- USDC issuance and redemption on non-Ethereum chains
- Payments and payouts through fiat rails (wires, cards, ACH, etc.)
To stay up-to-date with the maintenance window:
It is essential to always be vigilant for scams, especially leading up to The Merge. We encourage people to watch out for scammers who suggest you need to upgrade or transfer to a new token.
We're extremely excited about this significant milestone in Ethereum's growth and scaling roadmap, and look forward to USDC and EUROC's continued stability and success post-merge.
If you are a Circle customer and have additional questions, please don't hesitate to contact your account executive or email us at email@example.com.