Tether, a prominent stablecoin, has revealed plans to introduce its USDT token on the Celo blockchain network. This move expands USDT’s presence to a broader range of networks, including Ethereum, Solana, and Polygon.
“Launch Details Awaited for Tether’s Celo Debut”
While the precise launch date remains undisclosed, a Tether representative has conveyed that the event is imminent. Celo, established in 2020, consistently strives to offer users mobile payments through integrated phone numbers linked to crypto wallets, coupled with nominal transaction fees.
Tether CEO Paolo Ardoino expressed that the integration of USDT on the Celo platform, tailored for real-world applications, marks a significant advancement in their mission. Leveraging Celo’s distinctive capabilities, Ardoino envisions enhancing the usability and accessibility of Tether for millions of users.
“Celo’s Mission: Fostering a Digital Economy for All”
Rene Reinsberg, Co-Founder of Celo and President of Celo Foundation, emphasized that the integration aligns with their mission to create a digital economy fostering prosperity for everyone. With USDT soon available on Celo, users gain additional options for swift, cost-effective payments, and access to stablecoin use cases that benefit individuals globally.
Tether Token (USDT) to Launch on @Celo
Read more: https://t.co/KJ5emdMmXl pic.twitter.com/yTDkzKnhev
— Tether (@Tether_to) March 11, 2024
“USDT as Gas Currency: Proposals for Enhanced Transactions”
An additional proposal under consideration is establishing USDT as a gas currency on the Celo network, specifically for completing transactions on decentralized applications (dApps). This proposal coincides with the revelation that Tether’s circulating USDT supply exceeds 102 billion, with a total supply surpassing 108 billion, factoring in authorized but unissued tokens.
In conclusion, Tether’s strategic move to launch the USDT token on the Celo blockchain signals an expansion of possibilities for users seeking diversified networks for stablecoin transactions. As the digital landscape continues to evolve, such integrations align with the broader mission of creating inclusive and accessible digital economies that benefit users globally. The awaited launch on Celo presents a promising step forward in the ongoing narrative of stablecoin adoption and blockchain integration.