Thomas Daniels
Tether, the foremost issuer of the stablecoin, is gearing up to deploy its USDT token on the Celo blockchain, a platform compatible with the Ethereum Virtual Machine and evolving into an Ethereum Layer 2 network.
Although the specific launch timeline has not been disclosed, a representative from Tether assured that the rollout is imminent. This development signifies further growth for USDT, which has already established its presence across several blockchains, including Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
Tether has previously withdrawn support from certain networks due to inadequate demand, while still allowing redemptions up to a designated cut-off date.
Founded in 2020, Celo’s mission is to streamline mobile payments by associating telephone numbers with cryptocurrency wallet addresses and providing low-cost transaction fees. Celo’s co-founder, Rene Reinsberg, expressed that the forthcoming support for USDT on their platform is expected to broaden the scope of payment solutions and stablecoin uses for users around the world.
The incorporation of Tether’s USDT is poised to enhance the suite of stable assets available on Celo, offering new possibilities for financial transactions such as remittances and lending.
There are also discussions underway to recommend USDT as a gas currency to support transactions in decentralized applications within the Celo ecosystem. This move aligns with a milestone for Tether’s USDT, which now boasts a circulating supply exceeding 102 billion, with its total supply, including tokens authorized but not yet issued, topping 108 billion.
