Tether, a leading stablecoin operator, is broadening the reach of its USDT stablecoin by partnering with the Celo network, a layer-1 platform compatible with the Ethereum Virtual Machine (EVM).
The integration of USDT on Celo brings several advantages, including remarkably low transaction fees averaging around $0.001, facilitating cost-effective microtransactions.
Celo, known for its focus on fast and affordable payments globally since its launch in April 2020, operates as an Ethereum Layer-2 (L2) network. This architectural choice ensures sustained low gas fees, crucial for achieving widespread financial inclusion, a core objective of the Celo community.
Tether’s USDT will join a diverse range of stable assets available on the Celo platform, catering to various use cases such as remittances, savings, lending, and cross-border payments. Celo co-founder Rene Reinsberg expressed enthusiasm about USDT’s integration, emphasizing the platform’s commitment to expanding access to stablecoin use cases globally.
USDT’s arrival on Celo follows the earlier native launch of its major competitor, USDC, on the platform. With this move, Celo solidifies its position as a hub for stablecoins and real-world assets.
Tether’s USDT is already supported on 14 blockchains, including Tron, Ethereum, Solana, Avalanche, and Omni. Tron and Ethereum currently host the largest shares of issued USDT.
High fees on the Ethereum network, exacerbated by soaring Ether prices, have prompted concerns within the crypto community. Celo’s architecture, however, provides a solution as it operates independently of Ethereum, ensuring stable and predictable transaction costs regardless of Ethereum’s fee fluctuations.
This move underscores Celo’s commitment to providing an efficient and accessible platform for blockchain-based transactions and applications.
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