The largest stablecoin by market value, USDT from Tether, will be live on Celo, a layer-1 platform with a mobile focus.
Currently, Celo is moving from an independent blockchain to a fresh layer-2 built on top of Ethereum. With an emphasis on emerging regions, the platform aims to be a mobile-first network that provides users worldwide with a variety of reliable assets.
According to the press release, the integration of USDT on Celo broadens the use cases for stable assets that are currently on the platform, such as cross-border payments, lending, savings, and remittances.
The announcement states that a forum dedicated to the Celo community would suggest utilising USDT as a gas currency, which will improve the efficiency of transactions within decentralised apps (dApps).
A major advancement in our mission will be made with the integration of Tether USDT on the real-world-built Celo platform. Tether CEO Paolo Ardoino stated, “We can further improve Tether’s usability and accessibility for millions of people by utilising the special capabilities of Celo.”
Numerous other layer-1 networks, such as Avalanche, Polygon, and Near, have already implemented Tether. The Celo network saw the January debut of USDC by stablecoin issuer Circle.