The collaboration could see USDT become a gas currency on Celo.
Tether, the issuer of the largest stablecoin, USDT, has announced the launch of the asset on Celo, a carbon-negative, permissionless, Ethereum Virtual Machine-compatible network.
According to a statement sent to CryptoPotato, the collaboration between Tether and Celo could see USDT become a gas currency on the latter’s network, streamlining transactions and fostering efficiency on decentralized applications (dApps) that are focused on payments, lending, and other services.
USDT to Launch on Celo
Celo is a mobile-first network designed for real-world use cases and fast, low-cost payments. The blockchain spans more than 1,000 projects in over 150 countries. The network’s carbon-negative status aims to create a more inclusive financial system.
Tether believes launching USDT on Celo would give users access to a range of benefits, including low sub-cent transaction fees, hovering around $0.001. USDT will join several other stable assets on Celo, including eXOF and cREAL, which are pegged to the CFA Franc and the Brazilian Real, respectively. The integration expands the stable assets’ use cases, including savings, lending, remittances, and cross-border payments.
Paolo Ardoino, CEO of Tether, said: “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 Now Available on 15 Networks
In addition, Tether said its alliance with Celo would usher in a new era of accessibility and utility for crypto users, representing a significant milestone for both entities. The presence of innovative projects and services like Opera MiniPay’s stablecoin wallet, SocialConnect, and FiatConnect will accelerate the adoption and utilization of USDT.
“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,” said Rene Reinsberg, co-founder and president of Celo and Celo Foundation.
With the launch of USDT on the Celo blockchain, the stablecoin is now available on 15 networks, including Ethereum, Tron, Polygon, Avalanche, and Algorand.