Tether's USDT has now made its debut on the Celo blockchain mainnet.
In Brief
The popular stablecoin, USDT, which is linked to the US dollar, is now operational on the Celo blockchain, known for its compatibility with Ethereum-based applications.
Tether, the entity behind the USDT stablecoin, is now making strides in the blockchain arena. Tether They have successfully launched their dollar-pegged cryptocurrency on the Ethereum-compatible Celo network. Celo (CELO) mainnet.
Tether merges traditional finance with decentralized finance through blockchain and peer-to-peer (P2P) technology, emerging as a highly utilized stablecoin backed by fiat currency.
Tether USDT USDT has become a part of Celo's vast ecosystem, which already includes over a thousand partners across 150 nations. Additionally, cLabs, a key player in the Celo initiative, intends to adopt Tether's USDT as the official currency for gas fees, streamlining network operations.
Furthermore, the introduction of Tether's USDT enriches the existing array of stablecoins within the Celo ecosystem, joining other innovative offerings such as Mento's eXOF and cREAL—both designed to reflect the value of currencies like the CFA Franc utilized in 14 African nations and the Brazilian Real, catering to diverse financial needs.
The introduction of Tether The availability of USDT on Celo's platform represents a significant step toward bolstering financial inclusion, enhancing global economic engagement through improved transaction transparency and accountability. This development also broadens the applicable uses of stablecoins, making it feasible to utilize them for activities such as on-chain savings, lending, remittances, peer-to-peer transactions, and international payments.
Circle has recently introduced its USD-pegged stablecoin, USDC, within the Celo ecosystem, thereby broadening its operational footprint.
Celo operates a mobile-oriented platform featuring a decentralized proof-of-stake (PoS) blockchain technology known as Celo Platform, paired with its native CELO token and various stablecoins including cUSD, cEUR, cREAL, and eXOF—all fostering accessibility to digital assets for users globally. Since its 2020 launch, Celo's mainnet has seen the development of over a thousand projects by diverse innovators.
Recently, another significant issuer of stablecoins, Circle, has launched introduced its USDC stablecoin on the Celo platform, enhancing its offerings.
As of now, Celo's native token, CELO, is valued at $1.33, reflecting a 5% rise in the last 24 hours based on CoinMarketCap data.
By integrating Tether's USDT stablecoin into its ecosystem, Celo makes a noteworthy advancement in promoting financial inclusion and enhancing the practical uses of stablecoins for diverse global transactions.
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