Stablecoin issuer Circle has announced the introduction of USDC to the Celo (CELO) blockchain, according to a new press release from The Celo Foundation.
The Celo protocol is an Ethereum Virtual Machine (EVM)-compatible blockchain that bills itself as “mobile-first” and is in the process of transitioning to a layer 2 solution.
Its own token, CELO, can be used for governance, staked for rewards, and used to lower transaction fees.
USDC will launch natively on Celo, according to a new announcement from The Celo Foundation.
USDC is the second-largest US dollar-pegged stablecoin by market capitalization, after USDT issued by Tether. USDC is currently the 7th largest cryptocurrency asset by overall market capitalization.
Isha Varshney, Head of Strategy and Innovation at Celo Foundation, says:
“As a leader in driving real-world adoption of cryptocurrencies, the Celo ecosystem is excited to bring more RWA on-chain through our partnership with Circle and the launch of USDC on Celo. We want to be the best ecosystem for stablecoins, which has proven to be one of the most widely used practices in the industry as institutional investors come to Web3.”
Shamus Noonan, Senior Manager of Business Development at Circle, said:
“Circle is a blockchain known globally for providing fast and affordable payments, and we are proud to join the mission-driven Celo ecosystem. “This partnership will help us expand access to USDC and leverage Celo’s mobile-first user base in regions with the highest blockchain adoption.”
CELO is worth $0.680 at the time of writing and is up 1.5% in the last 24 hours.
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