Tether, the issuer of the leading stablecoin USDT, has revealed its latest move to launch the asset on Celo, a carbon-negative, permissionless blockchain compatible with Ethereum Virtual Machine.
The collaboration between Tether and Celo aims to leverage USDT as a gas currency on Celo’s network, streamlining transactions and enhancing efficiency on decentralized applications (dApps) focused on payments, lending, and other services.
Benefits of the Integration
Celo, designed for real-world applications and fast, low-cost payments, boasts a network spanning over 1,000 projects across 150 countries. With its carbon-negative status, Celo aims to foster a more inclusive financial ecosystem.
Launching USDT on Celo promises users various advantages, including low sub-cent transaction fees averaging around $0.001. USDT will join other stable assets on Celo, such as eXOF and cREAL, pegged to the CFA Franc and the Brazilian Real, respectively. This integration expands stable assets’ utility for savings, lending, remittances, and cross-border payments.
Insights from Tether and Celo
Paolo Ardoino, CEO of Tether, emphasized the commitment to providing accessible and reliable digital currency solutions globally. Ardoino sees the integration as a significant step forward in Tether’s mission to enhance usability and accessibility.
Rene Reinsberg, co-founder and president of Celo and Celo Foundation, highlighted the alignment of the integration with Celo’s vision of creating a digital economy for prosperity. Reinsberg sees USDT’s availability on Celo as offering users more options for fast, low-cost payments and access to robust stablecoin use cases.
Milestone for Both Brands
Tether’s alliance with Celo is anticipated to usher in a new era of accessibility and utility for crypto users, marking a significant milestone for both entities. Innovative projects and services on Celo, such as Opera MiniPay’s stablecoin wallet, SocialConnect, and FiatConnect, are expected to accelerate the adoption and utilization of USDT.
With the launch of USDT on the Celo blockchain, the stablecoin now extends its presence to 15 networks, including Ethereum, Tron, Polygon, Avalanche, and Algorand.
