Circle has announced the launch of its dollar-pegged stablecoin, USDC, on the Celo blockchain.
1/ Native $USDC is coming to @Celo!
Celo is a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide.
Explore what native USDC on Celo means for the ecosystem. ?https://t.co/ctUn9yWLDb
— Circle (@circle) January 30, 2024
“USDC issued by Circle will be native to Celo, joining innovative use cases of the stablecoin in the ecosystem, including remittances, savings, lending, aid distribution, P2P, and cross-chain payments,” noted company representatives.
According to them, the Celo ecosystem includes over 1000 projects in more than 150 countries. Major partners include telecommunications company Deutsche Telekom and the Opera browser.
“This partnership will help expand access to USDC and engage Celo’s mobile-focused user base in regions where blockchain adoption is highest,” said Circle’s Senior Business Development Manager, Seamus Noonan.
Additionally, the Celo community will consider a proposal from cLabs to use USDC as a gas payment method in the network.
Circle’s stablecoin is the second largest in its segment, trailing only Tether’s USDT. The market capitalization of USDC stands at $26.4 billion, while its main competitor’s is $95.9 billion.
USDC operates across various networks, including Ethereum, Algorand, Base, Arbitrum, Stellar, Near, Solana, Avalanche, Optimism, Polygon, Flow, Hedera, Polkadot, and Tron.
Back in November, Celo co-founder Marek Olszewski discussed preparations for reintegrating the layer-one blockchain with Ethereum.