8 months ago
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Tether has deployed its USDT stablecoin on the Celo blockchain, a mobile-first network focused on real-world asset use cases. This introduces USDT to Celo’s ecosystem of over 1,000 partners in 150 countries.
Celo core contributor cLabs outlined plans to propose making USDT an official gas fee currency to streamline transactions. As previously reported by Crypto Briefing, this is expected to bring numerous benefits to Celo’s ecosystem, including extremely low transaction fees of about $0.001, which will make microtransactions accessible to users regardless of their economic status or location.
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide,” said Paolo Ardoino, CEO of Tether, when the launch was first announced. “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.”
According to the announcement, the launch of USDT on Celo’s platform represents a step towards financial inclusion and participation on an international scale, through enhancing transaction transparency and accountability while broadening the real-world utility of stablecoins.
Ecosystem partners committed to leveraging USDT on Celo include Ammer Pay, Bitmama, EthicHub, Fonbnk, HaloFi, Huma Finance, impactMarket, Jia, Jumptask, Kotani Pay, Mento, PayChant, Quipu, Ramp Network, Toucan, Untangled Finance, Valora, Yellow Card, and Zerion.
Moreover, this partnership makes USDT natively available in 15 different blockchains, although Tether revealed that the redeeming of its stablecoin in Omni, Bitcoin Cash, and Kusama networks will cease in September this year.
The USDT contract address on Celo is 0x48065fbbe25f71c9282ddf5e1cd6d6a887483d5e.
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