Circle has announced the release of a USDC stablecoin pegged to the dollar on the Celo blockchain.
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 stablecoin use cases in the ecosystem including remittances, savings, lending, relief distribution, P2P and cross-chain payments,” noted company representatives.
According to them, the Celo ecosystem includes over 1,000 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 tap into Celo’s mobile-first user base in regions where adoption of blockchain technology is highest,” said Circle Senior Development Manager Shamus Noonan.
Additionally Celo community will consider proposal from cLabs to use USDC as a means of paying for gas on the network.
Circle's stablecoin is the second largest in its segment, second only to Tether's USDT. USDC Market Cap is $26.4 billionthe figure of the main competitor is $95.9 billion.
USDC works in a variety of networksincluding Ethereum, Algorand, Base, Arbitrum, Stellar, Near, Solana, Avalanche, Optimism, Polygon, Flow, Hedera, Polkadot and Tron.
Recall that in November, Celo co-founder Marek Olszewski spoke about preparations for backward integration of the first-level blockchain with Ethereum.
Found an error in the text? Select it and press CTRL+ENTER
Cryplogger newsletters: keep your finger on the pulse of the Bitcoin industry!