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Leading stablecoin issuer Tether is set to introduce its USDT token on the Celo blockchain, an Ethereum Virtual Machine-compatible platform transitioning to an Ethereum Layer 2 network.
While the launch date remains unspecified, a Tether spokesperson confirmed it would occur soon. The listing marks another expansion for USDT, which is already present on multiple blockchains such as Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
Tether previously ceased support for specific networks due to low demand but continues redemptions until the specified deadline.
Established in 2020, Celo aims to simplify mobile payments by linking phone numbers with crypto wallet addresses and offering low transaction fees. According to Celo co-founder Rene Reinsberg, the upcoming availability of USDT on Celo is anticipated to enhance payment options and stablecoin applications for users globally.
Tether’s integration will complement Celo’s existing stable assets and could be utilized for various financial activities, including remittances and lending.
Plans are also being made to propose USDT as a gas currency to facilitate transactions in decentralized apps within the Celo ecosystem. This action coincides with Tether’s USDT circulating supply exceeding 102 billion, with its total supply, including authorized but not issued tokens, surpassing 108 billion.
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