Tether launches USDT on Celo blockchain Network, compatible with EVM
According to Tether Operations Limited (Tether), a company in the cryptocurrency industry, they have announced the launch of USDT on Celo, a blockchain network that prioritizes mobile accessibility and is compatible with EVM. This network is specifically designed for real-world use and aims to facilitate fast and affordable global payments.
The partnership between Tether and the Celo community marks a fresh stage of convenience and practicality for individuals using digital currency. This is a major achievement for both platforms as they unite to improve financial inclusivity and empower people worldwide.
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The principles of Celo’s mobile-centered approach and its wide range of projects, which cover over 1,000 initiatives in over 150 countries, perfectly align with Tether’s goal of promoting accessibility.
Tether Token (USDT) to Launch on @Celo
Read more: https://t.co/KJ5emdMmXl pic.twitter.com/yTDkzKnhev
— Tether (@Tether_to) March 11, 2024
The incorporation of this technology offers various advantages, particularly its minimal transaction fees of less than a cent, approximately $0.001. This enables individuals from diverse socio-economic backgrounds and locations to engage in microtransactions with ease.
The blockchain infrastructure of Celo, which is compatible with EVM, is seamlessly integrated with the top Ethereum ecosystem in the industry.
A post on the community forum by Celo’s core contributors at cLabs will suggest a novel approach of using USDT as a gas currency, aiming to improve the efficiency and ease of transactions within decentralized applications (dApps) that primarily deal with payments, lending, and other related areas.
Within Celo’s dynamic community, there are various initiatives, such as Opera MiniPay’s lightweight wallet for stablecoins known as Mini browser. These projects serve multiple purposes and create an ideal atmosphere for the widespread acceptance and usage of USDT.
The Celo blockchain, which has a negative carbon footprint, aims to provide not just mobile accessibility for USDT, but also maintain the financial transparency and low costs that are synonymous with Tether.
What is the expansion about?
The expansion highlights the common goal of “both organizations to broaden the benefits of blockchain-driven technologies to the general public on a global scale.”
According to Paolo Ardoino, the CEO of Tether, announced that:
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide. 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.”
USDT from Tether will be added to the Celo platform, which already has a wide range of stable assets. This includes options like Mento’s eXOF and cREAL, which are linked to the CFA Franc and Brazilian Real, catering to different regions and currencies.
This integration broadens the potential applications “for stable assets on the Celo platform, encompassing various uses such as remittances, savings, lending, and cross-border and peer-to-peer (P2P) payments.”
The Celo platform offers several important features such as SocialConnect, a privacy-focused naming service designed for phone numbers, email addresses, and other social identifiers.
Another key feature, FiatConnect, is an open API standard that allows for easy on and off-ramp transactions. These features aim to improve the accessibility and usability of the platform for users, making it more convenient to transact with Tether USDT on Celo.
Furthermore, users will also have the option to pay for gas using ERC-20 tokens, including stable assets, providing a smooth and effortless payment experience.
The introduction of Tether USDT on Celo is said to be a significant achievement for both platforms and the larger ecosystem. This highlights the significance of teamwork and creativity in promoting the use of virtual currencies and promoting financial inclusivity worldwide.
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Joshua Downes
Joshua Downes is an experienced journalist and editor specialising in finance, trading, cryptocurrency and online betting. Over the last eight years, he has written for numerous publications and media outlets, both print and online. These include Trading-Education, Wetten, GamblingGuy, BitReviews, Industry Slice, and Gulf Business. With a BA in journalism and an MA in English, Joshua aims to provide informative and highly readable articles, making even the most complex of financial concepts easily understandable for the average reader. Joshua is currently pursuing professional qualifications in finance and also has extensive knowledge of the gambling industry, having spent four years working in operations for Gala Coral.
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