Tether Operations Limited, has now officially released Celo Blockchain-based Tether Token (USDT) into the market and has announced the details through their press release.
Tether’s Expansion to Celo
Tether’s decision to integrate with Celo, a “mobile-first and EVM-compatible” blockchain community, is a significant step towards promoting financial inclusion, built for fast, low-cost payments globally.
The strategic partnership harnesses Tether’s idea of “currency for the people, by the people” which fits in Celo’s mobile-first approach and the big ecosystem.
Paolo Ardoino, CEO of Tether, has upheld this partnership. In the press release, Ardoino said, “The integration of Tether USDT on the Celo platform, which is built for the real world, will represent a significant step forward in our mission. By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.”
Benefits of the Integration
The Tether-Celo partnership gives us a number of advantages – the biggest being really low transaction fees that can make microtransactions comfortable for everyone.
Celo’s transaction fees are as low as $0.001, making the system quite affordable for users from various economic classes. This means that the majority of people are able to conduct their digital transactions easily.
Moreover, the EVM-compatible blockchain framework of Celo creates compatibility with the Ethereum system, hence facilitating interoperability.
Celo’s Community Forum post offers a creative way to use USDT as a gas currency, in dApps related to payments and lending, which simplifies the transactions. This step is clearly a token of the Celo ecosystem’s aspiration towards a competitive ecosystem, where efficiency and usability are the main priorities.
Global Reach
Celo’s extensive ecosystem, with services to more than 1000 projects spread in 150 countries, makes it a suitable place for the adoption and utilization of USDT. Such innovation has been previously demonstrated as well, for instance, by Opera MiniPay, the ultralight stablecoin wallet, in Kenya and Ghana. It is clear that Celo has created the best conditions for the integration of USDT into the ecosystem.
The Celo blockchain is carbon-negative that not only enables users’ access to USDT through their mobile devices but also retains the important features of Tether such as transaction transparency and low costs. Such expansion ensures the company’s joint mission to reach a global audience with the benefit of blockchain-based applications.
The integration of USDT into Celo’s platform is a strategic move that will not only expand the user base but also support the long-term vision of building a global financially inclusive ecosystem. The Tether expansion on a global scale along with the co-occurrence with Celo makes high-speed, low-cost payments possible and opens new horizons for stablecoins usage.