Tether’s USDT Now Deployed on Celo Network Mainnet
In Brief
Tether launched its United States dollar-pegged USDT stablecoin on the EVM-compatible Celo blockchain mainnet.
Organization responsible for the development of USDT stablecoin, Tether deployed its USD-pegged cryptocurrency on the EVM-compatible blockchain Celo (CELO) mainnet.
Tether utilizes blockchain and peer-to-peer (P2P) technology to converge conventional financial systems and decentralized finance, standing out as an extensively used fiat-collateralized stablecoin.
Tether USDT is now integrated into Celo’s ecosystem, which comprises over 1,000 partners across 150 countries. Furthermore, cLabs, a core contributor to Celo, plans to adopt Tether USDT as an official gas fee currency, aiming to simplify transactions on the network.
Furthermore, Tether’s USDT is set to enrich the array of stable assets available on the Celo platform, joining other solutions like Mento’s eXOF and cREAL, designed to track the value of the CFA Franc that is utilized in 14 countries in sub-Saharan Africa and the Brazilian Real, serving different geographical regions and currency needs.
The introduction of Tether USDT on Celo’s platform signifies progress in fostering financial inclusion and global participation by improving transaction transparency and accountability. This move also expands the practical applications of stablecoins, enabling their utilization for on-chain savings, lending, remittances, P2P transactions, and cross-border payments.
Circle Launches USDC Stablecoin on Celo Platform, Expanding Its Reach
Celo is a mobile-focused platform with an ecosystem comprising a decentralized, proof-of-stake (PoS) blockchain technology stack known as the Celo Platform, along with the CELO native token and several stable assets like cUSD, cEUR, cREAL, and eXOF, facilitating the use of digital assets for anyone. Launched in 2020, Celo’s mainnet currently supports over 1,000 projects developed by individuals and teams worldwide.
Recently, Circle, another notable stablecoin issuer, also introduced its USD-pegged stablecoin, USDC, on the Celo platform.
As of the current writing, the native token of Celo, CELO, is trading at $1.33, demonstrating a 5% increase in value over the past 24 hours, as per data from CoinMarketCap.
Integrating Tether’s USDT stablecoin into Celo’s ecosystem marks a significant stride in enhancing financial inclusion and expanding the practical applications of stablecoins and their utility for global transactions.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
