Celo blockchain to welcome USDT with Tether’s upcoming launch
Tether, the leading stablecoin issuer, is preparing to launch its USDT token on the Celo blockchain, a platform compatible with the Ethereum Virtual Machine and transitioning to an Ethereum Layer 2 network. Although the exact launch date has not been specified, a spokesperson for Tether confirmed that it would happen soon. This listing is another step in the expansion of USDT, which is already available on various blockchains, including Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
In the past, Tether has stopped supporting certain networks due to low demand, but it continues to honor redemptions until the designated deadline. Celo, established in 2020, aims to simplify mobile payments by connecting phone numbers with crypto wallet addresses and offering low transaction fees. The introduction of USDT on Celo is expected to enhance payment options and stablecoin applications for users worldwide, according to Celo co-founder Rene Reinsberg.
Tether’s integration with Celo will complement the platform’s existing stable assets and can be used for various financial activities, including remittances and lending. There are also plans to propose USDT as a gas currency to facilitate transactions in decentralized apps within the Celo ecosystem. This move aligns with Tether’s USDT circulating supply, which has exceeded 102 billion, and its total supply, including authorized but not yet issued tokens, surpassing 108 billion.
