Circle Integrates USDC on Celo Blockchain for Faster and Cheaper Transactions
Circle, a San Francisco-based financial services firm, has announced the integration of USDC on the Celo blockchain. This collaboration aims to increase financial access by enabling faster and cheaper transactions with the native stablecoin. Here are the key points:
USDC Natively Integrated on Celo
Users can now access the regulated US dollar stablecoin directly on the Celo blockchain without the need to bridge assets across chains. This integration expands the use cases of USDC on Celo, including remittances, savings, lending, and payments. Developers and users can leverage USDCโs liquidity and settlement speed more easily.
About Celo
Celo is a mobile-first proof-of-stake blockchain that focuses on making crypto payments and financial services accessible globally. It utilizes stablecoins for gas fees and settlements, allowing for familiar fiat-like transactions.
Benefits of USDC on Celo
- Low-cost remittances and payments settling in seconds
- 24/7 trading, borrowing, and lending on DEXs like Uniswap
- Savings accounts denominated in USDC without traditional bank accounts
Further Details
The token address for USDC on Celo is 0xcebA9300f2b948710d2653dD7B07f33A8B32118C. Circle offers fiat onramps through its Circle Mint accounts for converting to USDC on Celo. The integration of USDC marks a significant milestone for both Circle and Celo in expanding the real-world utility of stablecoins.
Hot Take: Circle and Celo Collaborate to Expand Financial Access
The integration of USDC on the Celo blockchain by Circle is a significant step towards increasing financial access and usage for dollar-pegged digital currencies. With faster and cheaper transactions, users can benefit from low-cost remittances, 24/7 trading options, and savings accounts denominated in USDC without the need for traditional bank accounts. This collaboration aligns with the shared mission of both Circle and Celo to promote financial inclusion and prosperity worldwide. By integrating USDC directly onto Celo, developers and users can leverage the liquidity and settlement speed of USDC more efficiently.
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