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Tether announced the launch of the Tether USD (USDT) stablecoin on the Celo blockchain in a move to increase financial inclusion and empower individuals globally. According to the announcement, Celo’s mobile-first approach and compatibility with the Ethereum Virtual Machine (EVM) makes it an ideal platform for Tether’s expansion.
A proposal from core Celo contributors at cLabs proposes using USDT as the gas currency to simplify transactions and increase efficiency within dApps on the network. This is expected to bring a variety of benefits, including extremely low transaction fees of approximately $0.001, making micropayments accessible to users regardless of their economic status or location. Celo’s infrastructure is designed to support a wide range of decentralized applications (dApps) focused on payments, lending, and other financial services.
“At Tether, we are committed to providing accessible and trustworthy digital currency solutions to users around the world,” said Paolo Ardoino, CEO of Tether. “Integrating Tether USDT into the Celo platform, built for the real world, will represent a significant step forward in our mission. By leveraging Celo’s unique capabilities, we can further improve the usability and accessibility of Tether for millions of people.”
This move will make USDT available across the Celo ecosystem, including projects such as Opera MiniPay’s ultra-light stablecoin wallet, in African countries, providing an optimal environment for USDT adoption and usage.
USDT will join Celo’s various stable assets such as Mento’s eXOF and cREAL, which are pegged to the CFA Franc and Brazilian Real, respectively. This expands the potential applications for the platform’s stable assets, including remittances, savings, lending, peer-to-peer (P2P), and cross-border payments.
Celo’s features such as SocialConnect and FiatConnect further enhance the user experience, making trading with USDT simpler. The ability to pay for gas with ERC-20 tokens, including stable assets, will provide a seamless payment experience.
“We are excited to introduce Tether USDT to the rapidly growing Celo ecosystem, a leader in stablecoins and real-world assets (RWAs),” said Rene Reinsberg, Celo Co-Founder and Chairman of the Celo Foundation. “This integration is consistent with our mission to create a digital economy that creates the conditions for prosperity for all. “With Tether USDT soon available on Celo, users will have even more options for fast, low-cost payments and access to powerful stablecoin use cases that benefit regular users around the world,” he concluded. .
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