Tether to Launch USDT on Celo Blockchain

Tether will introduce its stablecoin USDT on the EVM-compatible layer-one blockchain Celo.

Tether Token (USDT) to Launch on @Celo

Read more: https://t.co/KJ5emdMmXl pic.twitter.com/yTDkzKnhev

— Tether (@Tether_to) March 11, 2024

According to the statement, the network’s ecosystem encompasses over 1,000 projects across more than 150 countries.

Tether considers one of the integration’s advantages to be the low transaction fees on the blockchain (~$0.001). This enables the development of micropayment systems for users regardless of socio-economic and geographical status, the company noted.

Celo’s EVM infrastructure additionally provides connectivity to the Ethereum ecosystem.

As part of the partnership, the developer company cLabs will propose to the blockchain community the use of USDT for gas fees.

One of the projects on Celo is the Opera Mini browser-integrated crypto wallet in countries like Kenya and Ghana. Alongside other applications, this provides an “optimal environment for the adoption and use of the stablecoin,” Tether stated.

“We strive to provide accessible and reliable digital currency solutions to users worldwide. Integrating USDT onto the Celo platform, designed for the real world, will be a significant step in our mission,” said Tether CEO Paolo Ardoino.

At the time of writing, the stablecoin’s market capitalization exceeds $102 billion.

USDT operates on 16 networks, including Algorand, Avalanche, Ethereum, EOS, Liquid Network, Near, Omni, Polygon, Solana, Standard Ledger Protocol from Bitcoin Cash, Statemine, Statemint, Tezos, and Tron.

Earlier in January, Tether’s main competitor Circle announced support for Celo for its “stablecoin” USDC.