TL;DR
- USDC on Celo: Circle will launch its USDC stablecoin on the Celo network, a strategic collaboration for fast and affordable payments.
- Celo Governance Vote: Upcoming vote on Celo to decide whether USDC will be the official gas currency on the network, crucial for efficient transactions.
- Key Benefits of USDC on Celo: USDC on Celo offers advantages such as regulation, 1:1 redemption for dollars, easy integration into applications and institutional ramps.
In an exciting collaboration, stablecoin issuer Circle plans to launch its USDC stablecoin on the Celo network.
This strategic move seeks to capitalize on the capabilities of Celo, an EVM-compatible blockchain designed for fast and affordable payments around the world.
The Celo network, which was initially an EVM-compatible Layer 1 focused on scalability, is now transitioning to an Ethereum Layer 2 scaling protocol.
1/ Native $USDC is coming to @Celo!
Celo is a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide.
Explore what native USDC on Celo means for the ecosystem. 👇https://t.co/ctUn9yWLDb
— Circle (@circle) January 30, 2024
The inclusion of USDC on the Celo network has come into the spotlight, with an upcoming governance vote determining whether USDC will become the official Celo gas coin.
This feature is crucial in blockchain transactions as it covers the costs of the necessary computational resources.
Imminent Circle Vote Signals Important Step for USDC Integration into Celo Ecosystem
Shamus Noonan, Senior Manager of Business Development at Circle, highlighted the partnership as a move to expand access to USDC and leverage Celo’s mobile-focused user base, especially in regions with high blockchain adoption.
Celo, which has attracted attention with its focus on mobility and compatibility with Ethereum, has more than 1,000 projects in more than 150 countries.
Collaborations with business giants such as Deutsche Telekom, Google Cloud and Opera underscore their commitment to Celo’s mission of creating economic prosperity for all.
The arrival of native USDC to Celo involves a number of notable benefits.
In addition to being regulated and always redeemable 1:1 for US dollars, USDC will facilitate institutional on-and off-ramps, such as Circle Mint.
Its easy integration into existing Celo applications gives businesses and developers the opportunity to offer efficient and secure mobile payments as well as store of value with digital dollars.
With CELO, Celo’s native token, trading at $0.683 at the time of writing, up 3% in the last 24 hours, the collaboration between Circle and Celo promises a dynamic scenario and growth for both platforms.
On the horizon is an additional governance proposal from cLabs to the Celo community, which would allow users to pay Celo network gas fees with native USDC.
This potential step would further cement USDC’s position within the Celo ecosystem.
The community is eagerly awaiting the implementation of this collaboration, which promises to expand payment capabilities on the Celo network and establish USDC as a key player in its continued growth.
