Celo Partners with Circle to Launch USDC Stablecoin on Its Layer 2 Network
Celo, a Layer 1 blockchain network transitioning into an Ethereum Layer 2 scaling protocol, has partnered with Circle to launch USDC, a stablecoin, on its platform. Circle, the company behind USDC, will also participate in an upcoming governance vote to determine if USDC will be Celo’s official gas currency. The collaboration aims to provide fast and low-cost payments globally, leveraging Celo’s mobile-first user base in regions with high blockchain adoption.
Celo’s Transition to Layer 2
Initially designed as an EVM-compatible Layer 1 network focusing on scalability, Celo proposed transitioning into an Ethereum Layer 2 scaling protocol in July. The proposal received majority approval at the end of the same month. As of January 29, Celo’s native token CELO was trading at $0.67 with a 2% increase in the previous 24 hours.
Hot Take: Celo and Circle Collaboration Enhances Global Payments on Layer 2
Celo’s partnership with Circle to launch USDC on its Layer 2 scaling protocol is set to improve global payments by providing fast and affordable transactions. Leveraging Celo’s mobile-first user base in regions with high blockchain adoption will further broaden access to USDC. This collaboration highlights the growing importance of Layer 2 solutions in enhancing scalability and efficiency within the blockchain ecosystem.
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