Tether, a leading stablecoin provider, is gearing up to introduce its USDT token on the Celo blockchain, an Ethereum Virtual Machine-compatible platform in transition to becoming an Ethereum Layer 2 network.
Although the exact launch date remains undisclosed, a spokesperson from Tether has confirmed that the rollout will happen in the near future. This move represents yet another expansion for USDT, which already has a presence on various blockchains such as Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
While Tether has previously discontinued support for certain networks due to low demand, it continues to honor redemptions until the specified deadline.
Celo, established in 2020, aims to streamline mobile payments by associating phone numbers with crypto wallet addresses and offering low transaction fees. According to Rene Reinsberg, co-founder of Celo, the forthcoming availability of USDT on the platform is expected to enrich payment options and stablecoin applications for users worldwide.
The integration of Tether’s USDT will complement Celo’s existing stable assets and could be leveraged for various financial activities, including remittances and lending.
Furthermore, there are plans to propose USDT as a gas currency to facilitate transactions in decentralized apps within the Celo ecosystem. This initiative aligns with Tether’s USDT circulating supply, which has surpassed 102 billion, with the total supply, including authorized but not issued tokens, exceeding 108 billion.
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