Posted: January 30, 2024 11:04 AM Updated: January 30, 2024 11:04 AM
Correction and fact check date: January 30, 2024, 11:04 AM
briefly
Circle plans to launch its stablecoin USDC on Celo, a Layer 1 network that is transitioning to an Ethereum Layer 2 scaling network.
Technology company Circle announced the launch of USDC, a USD-pegged stablecoin, on the layer-1 network Celo (CELO) and its upcoming transition to the Ethereum layer-2 scaling network. An upcoming governance vote will further determine whether USDC will serve as Celo’s designated gas currency.
“Circle is a blockchain known globally for providing fast and affordable payments, and we are proud to join the mission-driven Celo ecosystem. This partnership will help expand access to USDC and leverage Celo’s mobile-first user base in regions with the highest blockchain adoption,” Shamus Noonan, senior manager of business development at Circle, said in a written statement. .
Celo initially launched as a layer 1 network compatible with the Ethereum Virtual Machine (EVM) with a focus on scalability. However, cLabs, the company responsible for developing Celo, proposed switching the network to the Ethereum Layer 2 extension protocol. The proposal received majority approval in a vote later that month.
As it becomes an Ethereum Layer 2 network, Celo is increasingly positioning itself as a blockchain focused on real-world (RWA) assets. These changes aim to improve cross-border payments and peer-to-peer transactions in developing countries and simplify the conversion process for local currencies.
As of this writing, Celo’s native token, CELO, is trading at $0.68, up 5% over the last 24 hours, according to data from Coinmarketcap.
Circle’s plans to expand its reach globally
The impending introduction of USDC to Celo highlights Circle’s commitment to advancing global economic prosperity by facilitating the seamless exchange of value, represents a major step forward in delivering on Circle and Celo’s joint mission, and leverages blockchain technology to further enhance global economic prosperity. We are working to foster an open and equitable financial future. .
Circle manages the issuance and governance of USDC, a cryptocurrency pegged to the U.S. dollar and currently the second-largest stablecoin after Tether. Earlier this month, the company filed confidential documents for its U.S. initial public offering (IPO), setting out its plans to transition to a public company.
Recently, Circle CEO Jeremy Allaire expressed optimism about the possibility of the U.S. government enacting stablecoin legislation in 2024, which would potentially strengthen consumer protections, prevent illegal activities, and ensure the stability of the financial system. In his speech at the World Economic Forum, Allaire emphasized that “by 2024, stablecoin-related laws will be enacted in almost all major global financial markets.”
The introduction of USDC to Celo signals the company’s commitment to fostering global economic prosperity and fostering a more interconnected financial future through the seamless exchange of value.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. For more information, please refer to the Terms of Use and any help and support pages provided by the publisher or advertiser. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles