Boston, Massachusetts, Wednesday, February 14, 2024 – The Celo 1 Foundation announced today that the Circle USD Coin (USDC) stablecoin will launch natively on the Celo blockchain, expanding its accessibility and functionality within the Celo ecosystem. 2
This integration, slated for later this year, will allow users to hold, transfer, and spend USDC directly on the Celo network, while also enabling its use for gas payments.
USDC will become a native asset on the Celo blockchain, joining its native token, CELO.
Users will be able to hold, transfer, and spend USDC within the Celo ecosystem.
USDC will be accepted for gas payments on the Celo network, potentially reducing transaction fees.
This integration aims to boost real-world use cases for USDC and enhance the Celo ecosystem’s utility.
Currently, USDC operates on the Celo blockchain as a wrapped token, meaning it’s pegged to the value of US dollars but resides on a different technological layer. Launching natively will significantly improve transaction efficiency and potentially reduce fees within the Celo network.
Additionally, it opens up new possibilities for integrating USDC with various decentralized applications (dApps) built on Celo.
The Celo Foundation believes this integration will significantly benefit both parties. By becoming a native asset, USDC gains access to a rapidly growing ecosystem with real-world use cases, such as mobile payments and remittances. Conversely, Celo expands its user base and attracts developers seeking to leverage the stability and global reach of USDC.
Industry experts see this as a positive development for both USDC and the Celo ecosystem. It highlights the growing trend of interoperability between blockchains and stablecoins, potentially promoting wider adoption and financial inclusion. However, some analysts point out potential challenges related to regulatory considerations and competition within the stablecoin landscape.
- The Celo: https://www.eventbrite.com/o/the-celo-foundation-41736322393[↩]
- The Celo: https://circle.com/blog/what-you-need-to-know-native-usdc-is-launching-on-celo[↩]
