Tether Partners Up With Celo To Expand USDT Stablecoin

Tether has revealed the introduction of its USDT stablecoin on the Celo blockchain, a move aimed at broadening financial inclusion and empowering individuals globally. According to the announcement, the emphasis Celo puts on mobile-first strategies and its compatibility with the Ethereum Virtual Machine (EVM) render it an ideal platform for Tether.

A proposal by Celo core contributors at cLabs proposes the utilization of USDT as a gas currency to streamline transactions and enhance efficiency within the network. This is anticipated to offer numerous advantages, including remarkably low transaction fees of approximately $0.001, thereby enabling microtransactions for users irrespective of their economic standing or geographical location.

A Notable Collaboration

Tether CEO Paolo Ardoino expressed renewed enthusiasm when it came to providing accessible and dependable digital currency solutions globally. He highlighted that integrating USDT onto the Celo platform, designed for real-world usage, indicates a significant stride in their mission. Leveraging the distinctive capabilities of Celo will further enhance the usability and accessibility of Tether for millions of individuals.

This move renders USDT accessible across the entirety of Celo. USDT will therefore join a diverse array of stable assets on Celo, such as eXOF and cREAL, linked to the CFA Franc and the Brazilian Real, respectively. This widens the potential applications for stable assets on the platform, encompassing remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.

Enhancing The User Experience

Celo has features like SocialConnect and FiatConnect which will further enhance the user experience, simplifying transactions with USDT. The option to pay for gas with ERC-20 tokens, including stable assets, will deliver a seamless payment experience. Rene Reinsberg, Celo Co-Founder and Celo Foundation President, talked about welcoming Tether USDT to the Celo ecosystem, which is rapidly emerging as a leader in stablecoins and real-world assets (RWAs).

Rene highlighted how this integration aligns with their mission to create a digital economy conducive to prosperity for all. With Tether USDT soon to be available on Celo, users will have even more options for fast, cost-effective payments and access to robust stablecoin use cases benefiting users worldwide. As a result of the announcement, CELO recently experienced a price surge.