Business News Report
January 30, 2024

Circle to Launch USDC Stablecoin on Celo Network

Circle Launches USDC on Celo Network

Technology company Circle announced it will launch USDC, its USD-pegged stablecoin, on the Layer 1 network Celo (CELO) soon transitioning into an Ethereum Layer 2 scaling network. The upcoming governance vote will further decide whether USDC will serve as the designated gas currency for Celo.

“Circle is proud to join the mission-driven Celo ecosystem as a blockchain known for providing fast, low-cost payments worldwide. This partnership will help broaden access for USDC and leverage Celo’s mobile-first user base in regions where blockchain adoption is highest,” said Shamus Noonan, Senior Manager of business Development at Circle, in a written statement.

Celo initially began as a Layer 1 network compatible with the Ethereum Virtual Machine (EVM), focusing on scalability. However, cLabs, the company responsible for developing Celo, proposed shifting the network into an Ethereum Layer 2 scaling protocol. The proposal received majority approval through a vote at the end of that month.

As it becomes an Ethereum Layer 2 network, Celo increasingly presents itself as a blockchain focused on real-world (RWA) assets. This shift aims to enhance cross-border payments and peer-to-peer transactions in developing regions, simplifying the conversion process from local currencies.

At the time of writing, Celo’s native token CELO trades at $0.68, indicating a 5% increase over the preceding 24 hours, according to data from Coinmarketcap.

Circle’s Plans to Expand Global Reach

The forthcoming introduction of USDC on Celo highlights Circle’s commitment to advancing global economic prosperity by facilitating the seamless exchange of value, representing a stride in fulfilling the shared missions of Circle and Celo, striving to harness blockchain technology to foster a more open and equitable financial future.

Circle manages the issuance and governance of USDC, a cryptocurrency pegged to the US dollar and currently the second-largest stablecoin after Tether. Earlier this month, the company submitted confidential documentation for a United States initial public offering (IPO), indicating its plans to transition into a publicly traded entity.

Recently, Circle’s CEO, Jeremy Allaire, expressed optimism about the potential enactment of stablecoin legislation by the United States government in 2024 that will potentially enhance consumer protection, prevent illicit activities, and ensure the stability of financial systems. During his speech at the World Economic Forum, Allaire emphasized that “stablecoin laws are going to be on the books in almost every major global financial market in 2024.”

The introduction of USDC on Celo signals the company’s commitment to advancing global economic prosperity through the seamless exchange of values, promoting a more interconnected financial future.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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