Tether to Launch USDT Token on Celo Blockchain
Stablecoin issuer Tether is preparing to launch its USDT token on the Celo blockchain, an Ethereum virtual machine-compatible network that is transitioning to an Ethereum Layer 2 solution. This move will expand the availability of USDT to over a dozen blockchains, including Ethereum, Solana, Avalanche, Polygon, and Near. Tether’s rival Circle also launched its USDC stablecoin on Celo earlier this year. The integration of USDT on Celo will provide users with more options for fast and low-cost payments, as well as access to various stablecoin use cases such as remittances, savings, lending, and cross-border payments.
Expanding to New Horizons: Tether’s USDT Integration
Tether is set to launch its USDT token on the Celo blockchain, further expanding the availability of the popular stablecoin. Here are the key points:
- Tether is preparing to launch its USDT token on the Celo blockchain.
- Celo is an Ethereum virtual machine-compatible network transitioning to an Ethereum Layer 2 solution.
- This integration will bring USDT to over a dozen blockchains, including Ethereum, Solana, Avalanche, Polygon, and Near.
- Circle’s rival stablecoin USDC was also launched on Celo earlier this year.
The Benefits of USDT Integration on Celo
The integration of Tether’s USDT token on the Celo blockchain offers several benefits for users. These include:
- Increased options for fast and low-cost payments.
- Access to robust stablecoin use cases such as remittances, savings, lending, and cross-border payments.
- Expansion of Celo’s native stable assets, including cUSD, cEUR, cREAL, and eXOF.
- Potential use of USDT as a gas currency within decentralized applications focusing on payments and lending.
Celo: Facilitating Payments for Mobile Users
Celo is a blockchain platform launched in 2020 with a focus on facilitating payments for mobile users. Here are some key details about Celo:
- Celo is an Ethereum virtual machine-compatible network.
- The platform maps phone numbers to crypto wallet addresses.
- Sending payments on Celo is as easy as sending a text message.
- Low transaction fees, often below one cent.
Tether’s integration with Celo aligns with the platform’s goal of providing fast and convenient payment options to users around the world. This partnership opens up new possibilities for both Tether and Celo users.
Growing Supply of USDT
The launch of USDT on Celo comes at a time when the circulating supply of Tether’s stablecoin has surpassed 102 billion. Here are some key figures related to USDT’s supply:
- The circulating supply of USDT has crossed 102 billion.
- The total supply of USDT, including authorized but not issued tokens, is over 108 billion.
This milestone highlights the significant demand for stablecoins in the cryptocurrency market and further solidifies Tether’s position as one of the leading providers of stablecoin solutions.
Hot Take: Expanding Stablecoin Access with Celo Integration
The integration of Tether’s USDT token on the Celo blockchain is an exciting development that expands the availability and use cases of stablecoins. Here are some key takeaways:
- Tether’s USDT token will soon be available on the Celo blockchain.
- This integration brings USDT to over a dozen blockchains, providing users with more options for fast and low-cost payments.
- USDT integration on Celo opens up various stablecoin use cases, including remittances, savings, lending, and cross-border payments.
- Celo’s focus on facilitating payments for mobile users aligns with Tether’s goal of providing accessible and convenient stablecoin solutions.
The growing supply of USDT reflects the increasing demand for stablecoins in the cryptocurrency market. Tether’s integration with Celo further solidifies its position as a leading stablecoin issuer. As the crypto industry continues to evolve, the availability and utility of stablecoins like USDT will play a crucial role in driving innovation and adoption.
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