Tether’s USDT expands to Celo Network
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Tether has announced the launch of its Tether USD (USDT) stablecoin on the Celo blockchain in a move aimed at increasing financial inclusion and empowering individuals globally. Celo’s mobile-first approach and compatibility with the Ethereum Virtual Machine (EVM) make it an ideal platform for Tether’s expansion, according to the announcement.
A proposal from Celo core contributors at cLabs suggests using USDT as a gas currency to simplify transactions and increase efficiency within the network’s dApps. This is expected to bring numerous benefits, including extremely low transaction fees of about $0.001, which will make microtransactions accessible to users regardless of their economic status or location. Celo’s infrastructure is designed to support a wide range of decentralized applications (dApps) that focus on payments, lending, and other financial services.
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide,” said Paolo Ardoino, CEO of Tether. “The integration of Tether USDT on the Celo platform, which is built for the real world, will represent a significant step forward in our mission. By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.”
The movement makes USDT available for the entirety of Celo’s ecosystem, which includes projects like Opera MiniPay’s ultralight stablecoin wallet in African countries, providing an optimal environment for USDT’s adoption and use.
USDT will join a variety of stable assets on Celo, such as Mento’s eXOF and cREAL, which are pegged to the CFA Franc and the Brazilian Real, respectively. This broadens the potential applications for stable assets on the platform, including remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.
Celo’s features like SocialConnect and FiatConnect will further improve the user experience, making transactions with USDT simpler. The ability to pay for gas with ERC-20 tokens, including stable assets, will offer a seamless payment experience.
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets (RWAs)” said Rene Reinsberg, Celo Co-Founder and Celo Foundation President. “This integration aligns with our mission to create a digital economy that creates the conditions for prosperity for everyone. With Tether USDT soon available on Celo, users have even more options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world,” he concludes.
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Author: Gino Matos
