Circle to Introduce USDC on Celo Blockchain
In Brief
Circle will officially roll out its USDC stablecoin on the Celo blockchain, which is transforming into an Ethereum Layer 2 network.
Technology company Circle it has announced the launch of USDC, its USD-pegged stablecoin, on the Layer 1 blockchain Celo (CELO) which will soon transition into an Ethereum Layer 2 solution. A governance vote is forthcoming to determine if USDC will be the designated gas currency for transactions on Celo.
"Circle is thrilled to integrate into the purpose-driven ecosystem of Celo, known for delivering fast and affordable payment solutions across the globe. This collaboration aims to increase access to USDC and tap into Celo’s mobile-centric user base, particularly in areas with high blockchain adoption,\" stated Shamus Noonan, the Senior Manager of Business Development at Circle, in an official statement.
Celo started out as a scalable Layer 1 network that is compatible with the Ethereum Virtual Machine (EVM). Nevertheless, cLabs, the team behind Celo’s development, proposed a transition towards an Ethereum Layer 2 scaling framework, which achieved majority support in a recent vote.
As it becomes an Ethereum Layer 2 In this evolving landscape, Celo is increasingly positioning itself as a blockchain focused on real-world assets (RWA). This strategic pivot aims to streamline cross-border payments and enhance peer-to-peer transactions in developing regions, thus simplifying the local currency exchange process.
As of this writing, Celo's native token, CELO, is trading at $0.68, reflecting a 5% rise within the last 24 hours, according to Coinmarketcap data.
Circle’s Ambitious Plans for Global Expansion
The impending launch of USDC on Celo underscores Circle’s dedication to fostering worldwide economic growth through seamless value exchange—a significant step towards realizing the mutual objectives of both Circle and Celo in leveraging blockchain technology to cultivate a more inclusive and equitable financial future.
Circle oversees the issuance and governance of USDC, a cryptocurrency pegged to the US dollar, currently ranking as the second-largest stablecoin in circulation, just behind Tether. Earlier this month, the company disclosed plans for a United States initial public offering (IPO), indicating a move towards becoming publicly traded. USDC Recently, Jeremy Allaire, the CEO of Circle, expressed his hope regarding the possible introduction of stablecoin regulations in the United States in 2024, which could enhance consumer protections, deter illegal activities, and bolster the stability of financial ecosystems. During his address at the World Economic Forum, Allaire emphasized that 'stablecoin legislation will be established in nearly every major financial market globally by 2024.' submitted The debut of USDC on Celo emphasizes the company’s ambition to promote global economic growth through the effortless exchange of value, furthering the vision of a more interconnected future in finance.
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Alisa, a committed journalist at Cryptocurrencylistings, focuses on areas including cryptocurrency, zero-knowledge proofs, investments, and the vast domain of Web3. With a discerning eye for emerging trends and technologies, she provides detailed coverage aimed at informing and engaging readers in the fast-paced digital finance landscape.
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