Stablecoin issuer Tether is about to launch. USDT
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It is an Ethereum virtual machine-compatible blockchain that is in the process of transitioning to the Ethereum Layer 2 network.
Celo’s launch date for USDT is unclear, but a Tether spokesperson told The Block that it will be launched “soon.”
Earlier this year, Tether’s rival Circle also launched its USDC stablecoin on Celo.
Tether’s Celo expansion will bring USDT to more than a dozen blockchains, including Ethereum, Solana, Avalanche, Polygon, and Near. Last August, Tether discontinued support for Kusama, Bitcoin Cash Simple Ledger Protocol, and Omni Layer networks, citing lack of demand, and redemptions for those networks will continue until August of this year.
Celo launched in 2020 with a focus on facilitating payments for mobile users. Celo claims you can map your phone number to a cryptocurrency wallet address and send payments as easily as sending a text with low transaction fees. “With the upcoming launch of Tether USDT on Celo, users will have more fast, low-cost payment options and access to powerful stablecoin use cases that benefit everyday users around the world,” said Rene Reinsberg, Celo Co-Founder and Celo Foundation Chairman. “It will happen,” he said. From the statement.
Tether’s USDT will join Celo’s range of native “Mento stable assets,” including cUSD, cEUR, cREAL, and eXOF. The integration of USDT will expand the use cases for these assets, including remittances, savings, lending, and cross-border payments, Tether said.
Celo core contributors from cLabs plan to propose using USDT as the gas currency to streamline transactions within decentralized applications focused on payments and lending.
News of Tether’s Celo integration comes as USDT’s circulating supply surpasses $102 billion. The total supply of stablecoins, including approved but unissued tokens, is over 108 billion.
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