Tether, the company behind the issuance of USDT, the largest stablecoin in the cryptocurrency market, has announced the launch of its currency on Celo, an EVM-compatible blockchain. Paolo Ardoino, CEO of Tether, stated that this move was focused on enhancing the “usability and accessibility of Tether for millions of people.”
Tether Announces USDT’s Launch on Celo
Tether is making moves to expand the reach of its dollar-pegged stablecoin into new markets. The company recently launched USDT, the largest stablecoin in the crypto market, on Celo, an Ethereum Virtual Machine (EVM) compatible blockchain. The launch of the USDT in this low-fee, payments-focused blockchain seeks to open new possibilities for stablecoins users, opening new paths and opportunities for its utilization in emerging economies.
Also, this alliance includes a proposal to make USDT a gas currency on Cello, meaning it could be used to pay for transaction fees. This can potentially simplify the stablecoin’s usage in applications that only need USDT, such as dollar-based payment wallets and services-focused apps.
Paolo Ardoino, CEO of Tether, remarked on the importance of providing easy-to-use and cheap rails for USDT, benefiting users who are still not included in today’s alternative cryptocurrency system.
Ardoino stated:
By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.
Rene Reinsberg, co-founder of Celo, declared that the USDT’s integration on Celo “aligns with our mission to create a digital economy that creates the conditions for prosperity for everyone.” Furthermore, Reinsberg stressed this move gives users more “options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world.” Cello’s users pay sub-cent fees for each transaction.
While most USDT was issued in two chains, Tron and Ethereum, USDT is natively present in 16 different networks, including Solana, Avalanche, and Polygon. The company recently signed a memorandum of understanding with Uzbekistan to develop cryptocurrency infrastructure projects and a comprehensive crypto regulatory framework.
Source: Bitcoin
