On the background of this news, the CELO rate momentarily jumped by 29%

Tether will add Celo mobile blockchain support for USDT

12.03.2024 - 13:35

112

3 min

What’s new? Tether has announced that it will start issuing its USDT stablecoin, the largest by capitalization in the cryptocurrency market, on the Celo blockchain, which is focused on fast and cheap payments and is compatible with the Ethereum Virtual Machine (EVM). A distinctive feature of Celo is that it is smartphone-centric and uses users’ cell numbers as public keys.

Press release

What else is known? Celo’s mobile design concept and its extensive ecosystem of over 1000 projects in more than 150 countries are a perfect fit with Tether’s mission of accessibility, according to a press release.

This integration brings a number of benefits, including low transaction fees that hover around $0,001. This makes microtransactions possible for users in any socioeconomic and geographic location. In addition, EVM support allows Celo to integrate with the industry-leading Ethereum ecosystem.

The Celo community will also be encouraged to use USDT for payment transactions, which will increase efficiency when working with decentralized applications (DApps) focused on payments and lending. “By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people,” said Tether CEO Paolo Ardoino.

The Celo ecosystem includes projects such as MiniPay’s stablecoin wallet, integrated into the Opera browser and available in countries such as Kenya and Ghana. USDT will be included in the diverse set of stablecoins available in the Celo ecosystem, including Mento’s cREAL and eXOF, pegged respectively to the Brazilian real and the CFA franc, which is used in 14 African countries.

According to the press release, the partnership will also strengthen Tether’s position as the most widely used stablecoin, which is available on 16 networks including Algorand, Avalanche, Ethereum, EOS, Liquid Network, Near, Omni, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemine, Statemint, Tezos, and Tron.

Tether CEO comments on the issue of 2 billion USDT on the Ethereum network

Tether CEO comments on the issue of 2 billion USDT on the Ethereum network

According to Paolo Ardoino, the issue was made as part of the company’s operational activities

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On the back of the integration news, the native token CELO jumped by 29% to $1,82, but had corrected to $1,56 by the time of writing. The asset ranks 134th in the cryptocurrency ranking with a capitalization of over $832,5 million.

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