Tether Operations Limited (Tether), which claims to be the largest company in the cryptocurrency industry, announced that USDT will launch on Celo, a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide.
This strategic collaboration between Tether and the Celo ecosystem ushers in a new era of accessibility and utility “for digital currency users and represents a significant milestone for both platforms, as they join forces to enhance financial inclusion and empower individuals across the globe.”
Celo‘s mobile-first design ethos and its extensive ecosystem, “spanning over 1,000 projects across more than 150 countries, align perfectly with Tether’s mission of accessibility.”
This integration brings a range of benefits, notably low, sub-cent transaction fees, which hover around $0.001, “making microtransactions feasible for users of all socio-economic backgrounds and geographies.”
Celo’s EVM-compatible blockchain infrastructure “further integrates with the industry’s leading Ethereum ecosystem.”
Additionally, a community Forum post by Celo core contributors at cLabs “will propose the innovative use of USDT as a gas currency, which will streamline transactions and foster efficiency within decentralized applications (dApps) focusing on payments, lending, and more.”
Celo’s vibrant ecosystem includes projects “like Opera MiniPay’s ultralight stablecoin wallet, built into the Mini browser, among other use cases providing an optimal environment for the adoption and utilization of USDT.”
The carbon-negative Celo blockchain “will not only ensure the accessibility of USDT through mobile devices but also uphold the financial transparency and low costs synonymous with Tether.”
This expansion underscores the shared mission of “both companies to extend the advantages of blockchain-powered technologies to mainstream consumers worldwide.”
Paolo Ardoino, CEO of Tether, said:
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide. The integration of Tether USDT on the Celo platform, which is built for the real world, will represent a significant step forward in our mission. By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.”
Tether USDT will join a diverse array of stable assets “on the Celo platform, including solutions such as Mento’s eXOF and cREAL, which track the CFA Franc and the Brazilian Real, respectively, catering to various regions and currencies.
This integration expands the use cases “for stable assets on Celo, including, but not limited to remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.”
Key features of the Celo platform, such “as SocialConnect, a privacy-first naming service, made for phone numbers, email addresses, and other social identifiers, and FiatConnect, an open on-/off-ramp API standard will also enhance accessibility and usability for users, making it easier than ever to transact with Tether USDT on Celo. Additionally, the ability to pay for gas with ERC-20 tokens, including stable assets, will provide an easy, seamless payment experience for users.”
The launch of Tether USDT on Celo will reportedly 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.”
