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Tether's USDT To Launch on Celo
The USDT integration aims to boost cross-border payments and peer-to-peer transactions in developing regions.
Updated Mar 11, 2024, 2:42 p.m. Published Mar 11, 2024, 1:00 p.m.
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Tether’s USDT, the largest stablecoin by market value, will launch on mobile-focused layer-1 platform Celo.
Celo is currently migrating from a standalone blockchain to a new layer-2 atop Ethereum. The platform focuses on being a mobile-first network that offers multiple stable assets to users globally, but with a focus on emerging markets.
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The integration of USDT on Celo expands the use cases for stable assets already on Celo, including remittances, savings, lending and cross-border payments, explained the press release.
According to the release, a Celo community-focused forum will propose using USDT as a gas currency, which will help make transactions more efficient within decentralized apps (dApps).
“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,” said Paolo Ardoino, CEO of Tether.
Tether is already live on several other layer-1 networks, including Avalanche, Polygon and Near.
Stablecoin issuer Circle launched USDC on the Celo network in January.
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