Circle Launches USDC on Celo, Expanding to Layer 1 Compatible with EVM
Circle, the stablecoin issuer behind USDC and EURC, has announced the launch of its US dollar-pegged stablecoin on Celo, a Layer 1 network transitioning to an Ethereum Layer 2 scaling protocol. The decision to adopt USDC as the official gas currency on Celo will be determined by an upcoming governance vote. Circle sees this collaboration as an opportunity to expand access to USDC and tap into Celo’s mobile-first user base in regions with higher blockchain adoption. Celo initially started as an EVM-compatible Layer 1 network but has shifted its focus towards scalability by transitioning to an Ethereum Layer 2 scaling protocol.
Circle and Solana Join Crypto Council for Innovation
The Crypto Council for Innovation (CCI), a leading alliance of global cryptographic companies, has welcomed Circle and Solana Foundation as new members. The CCI aims to shape the regulatory future of the crypto industry through constructive dialogue with regulators. Circle, known for its USD Coin (USDC), and Solana Foundation, a supporter of the Solana blockchain, recognize the importance of having a voice in regulatory discussions as they face complex regulatory contexts worldwide. They believe that collaboration within organizations like the CCI is crucial in establishing industry standards and creating a regulatory environment that supports safe and sustainable growth in the crypto sector.
Hot Take: Circle Expands Reach with Celo Integration
Circle’s integration of USDC on Celo marks a significant milestone in expanding the reach of its stablecoin. By tapping into Celo’s mobile-first user base and leveraging its Layer 1 compatibility with Ethereum, Circle aims to increase access to USDC in regions with higher blockchain adoption. The upcoming governance vote on whether USDC will become the official gas currency on Celo will further solidify its position within the ecosystem. Additionally, Circle’s entry into the Crypto Council for Innovation demonstrates its commitment to shaping the regulatory landscape and working towards a safe and sustainable future for open money. The collaboration between Circle, Solana, and other industry leaders within the CCI will be crucial in navigating the evolving regulatory environment in the crypto sector.
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