Introduction of Circle's USDC Stablecoin on Celo Blockchain Network

Circle to Launch USDC Stablecoin on Celo Blockchain

Circle, the company behind the popular U.S. Dollar-pegged stablecoin USDC, has announced its partnership with the Celo blockchain network. Celo, initially a standalone blockchain network, is transitioning to become a part of the Ethereum network as a Layer 2 scaling solution.

Improving Performance and Capacity

Celo’s decision to integrate with Ethereum aims to enhance its performance and capacity. By leveraging Ethereum’s established system, Celo hopes to provide faster and more efficient transactions.

Expanding Access for USDC

The collaboration between Circle and Celo will enable broader access to USDC and leverage Celo’s mobile-first user base in regions with high blockchain adoption. Shamus Noonan, Senior Manager of Business Development at Circle, expressed pride in joining the mission-driven Celo ecosystem known for facilitating fast and low-cost payments worldwide.

Celo’s Transition to Layer 2

Originally designed as a Layer 1 network compatible with the Ethereum Virtual Machine (EVM), Celo recently proposed a shift to a Layer 2 protocol. This change aims to improve Celo’s functionality by integrating with Ethereum’s existing infrastructure.

Celo’s CELO Currency

Celo has its own native currency called CELO, which currently holds a value of $0.683. Over the past 24 hours, it has experienced a small increase of 3.5% in value.

Hot Take: Circle Expands USDC Reach through Celo Partnership

Circle’s collaboration with Celo to launch USDC on the Celo blockchain network marks an important milestone in expanding the reach of this popular stablecoin. By leveraging Celo’s mobile-first user base and integrating with Ethereum as a Layer 2 scaling solution, Circle aims to provide faster and more accessible transactions for USDC users. This partnership not only enhances Celo’s performance and capacity but also supports blockchain adoption in regions where it is most prevalent. With Celo’s transition to a Layer 2 protocol, the integration with Ethereum’s infrastructure further strengthens the functionality of both networks. The value of Celo’s native currency, CELO, has also seen a modest increase, indicating positive market sentiment towards this collaboration.