Tether Operations Limited (Tether), a prominent entity in the cryptocurrency sector, has declared the forthcoming launch of USDT on Celo, a blockchain network that prioritizes mobile accessibility and is compatible with the Ethereum Virtual Machine (EVM). Celo is tailored for real-world applications and aims to facilitate rapid, cost-effective global payments.
This strategic partnership between Tether and the Celo ecosystem heralds a new era of convenience and functionality for digital currency users. It signifies a significant milestone for both platforms, uniting their efforts to bolster financial inclusion and empower individuals worldwide.
The design philosophy of Celo, which emphasizes mobile usability, and its extensive global presence with over 1,000 projects spanning 150 countries, align seamlessly with Tether’s goal of enhancing accessibility.
The integration of USDT on Celo brings numerous advantages, including minimal transaction fees of around $0.001, enabling microtransactions for users across different socio-economic backgrounds and geographical locations.
Moreover, Celo’s compatibility with the Ethereum ecosystem enhances its blockchain infrastructure. A forthcoming proposal by Celo core contributors at cLabs suggests an innovative use of USDT as a gas currency, streamlining transactions within decentralized applications (dApps) focused on payments and lending.
Celo’s dynamic ecosystem encompasses projects like Opera MiniPay, featuring an ultralight stablecoin wallet integrated into the Mini browser, fostering an ideal environment for the adoption and utilization of USDT.
The environmentally conscious Celo blockchain ensures the accessibility of USDT via mobile devices while upholding financial transparency and cost-effectiveness synonymous with Tether.
This expansion underscores the joint commitment of both entities to extend the benefits of blockchain technologies to mainstream consumers globally.
Paolo Ardoino, CEO of Tether, expressed:
“Tether is dedicated to offering accessible and dependable digital currency solutions worldwide. Integrating Tether USDT on the Celo platform, designed for real-world applications, represents a significant advancement in our mission. Leveraging Celo’s unique capabilities will enhance the usability and accessibility of Tether for millions of users.”
Tether USDT will join a diverse range of stable assets on the Celo platform, including solutions like Mento’s eXOF and cREAL, tracking the CFA Franc and the Brazilian Real respectively, catering to various regions and currencies.
This integration broadens the utility of stable assets on Celo, facilitating applications such as remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.
Key features of the Celo platform, such as SocialConnect and FiatConnect, will enhance accessibility and usability for users, simplifying transactions with Tether USDT on Celo. Furthermore, the option to pay for gas with ERC-20 tokens, including stable assets, ensures a seamless payment experience for users.
The introduction of Tether USDT on Celo signifies a significant milestone for both platforms and the broader ecosystem, emphasizing the importance of collaboration and innovation in promoting digital currency adoption and advancing financial inclusion globally.