In a strategic move that promises to broaden the horizons of digital finance, Tether has declared its intention to introduce its flagship stablecoin, USDT, on the Celo blockchain, renowned for its mobile-first approach and compatibility with the Ethereum Virtual Machine (EVM).
This announcement arrives on the heels of USDT achieving a significant milestone, surpassing a market capitalization of $100 billion, cementing its status as the preeminent stablecoin in the marketplace. Presently, USDT boasts a market cap of $102.3 billion, per the latest figures from CoinMarketCap.
On Mar 11, Tether and Celo formalized a partnership, demonstrating a joint effort to improve the accessibility and practicality of digital currencies for users across the globe. Celo’s dedication to mobile-first design principles is anticipated to extend the reach of the stablecoin USDT to over a thousand projects in more than 150 nations.
A notable advantage of this launch is the implementation of minimal transaction fees, expected to be less than a cent. These low fees enable microtransactions and catalyze the adoption of cryptocurrencies, promoting financial inclusivity.
Tether & Celo Collaboration
“The launch of Tether USDT on Celo will mark a significant milestone for both platforms and the broader ecosystem. It underscores the importance of collaboration and innovation in driving the adoption of digital currencies and advancing financial inclusion on a global scale,” the press release emphasized.
In an innovative twist, contributors to the Celo core will advocate for using USDT as a gas currency on the blockchain. This initiative aims to simplify transaction processes and enhance the efficiency of decentralized applications (dApps), focusing on payment and lending services.
This latest development reinforces USDT’s stature as the most extensively adopted stablecoin, now present on 16 different networks, including but not limited to Ethereum, Avalanche, Near, Polygon, Solana, Tezos, Tron, and the Bitcoin Cash Standard Ledger Protocol.
As Tether and Celo join forces, the future of digital currency looks brighter than ever, promising a more inclusive financial landscape that transcends borders and traditional barriers. The launch of USDT on Celo is not just a technical upgrade; it’s a step towards a world where everyone can engage with the global economy on equal footing.
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