8 months ago
45 ARTICLE AD
USDT on Celo aims to enhance global financial accessibility.
Tether has announced the launch of its Tether USD (USDT) stablecoin on the Celo blockchain in a move aimed at increasing financial inclusion and empowering individuals globally. Celo’s mobile-first approach and compatibility with the Ethereum Virtual Machine (EVM) make it an ideal platform for Tether’s expansion, according to the announcement.
A proposal from Celo core contributors at cLabs suggests using USDT as a gas currency to simplify transactions and increase efficiency within the network’s dApps. This is expected to bring numerous benefits, including extremely low transaction fees of about $0.001, which will make microtransactions accessible to users regardless of their economic status or location. Celo’s infrastructure is designed to support a wide range of decentralized applications (dApps) that focus on payments, lending, and other financial services.
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide,” said Paolo Ardoino, CEO of Tether. “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.”
The movement makes USDT available for the entirety of Celo’s ecosystem, which includes projects like Opera MiniPay’s ultralight stablecoin wallet in African countries, providing an optimal environment for USDT’s adoption and use.
USDT will join a variety of stable assets on Celo, such as Mento’s eXOF and cREAL, which are pegged to the CFA Franc and the Brazilian Real, respectively. This broadens the potential applications for stable assets on the platform, including remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.
Celo’s features like SocialConnect and FiatConnect will further improve the user experience, making transactions with USDT simpler. The ability to pay for gas with ERC-20 tokens, including stable assets, will offer a seamless payment experience.
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets (RWAs)” said Rene Reinsberg, Celo Co-Founder and Celo Foundation President. “This integration aligns with our mission to create a digital economy that creates the conditions for prosperity for everyone. With Tether USDT soon available on Celo, users have even more options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world,” he concludes.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by HAL, our proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
