CELO price surges 9% as USDC debuts on Celo blockchain
Circle, a San Francisco-based financial services company, recently announced the integration of its USD Coin (USDC) on the Celo blockchain. This move has resulted in a 9% surge in the value of Celo’s CELO token. The integration allows users to access the regulated US dollar stablecoin directly on Celo’s mainnet, eliminating the need to bridge assets between different blockchain networks.
Celo, known for its mobile-first approach and compatibility with the Ethereum Virtual Machine, aims to enable financial success by focusing on real-world applications and facilitating fast and affordable global payments. Its ecosystem consists of more than 1,000 projects across 150 nations.
The integration is made possible through Circle Mint’s APIs, which streamline the process of using USDC on Celo for businesses. This reduces the reliance on external bridging solutions and makes USDC more user-friendly and widely available across various blockchain platforms.
The addition of USDC on Celo enhances the blockchain’s offerings in stablecoin applications, including remittances, savings, lending, and payments. This provides developers and users with more options to utilize USDC’s liquidity and swift settlement feature. Celo’s system, which uses stablecoins for transaction fees and payments, makes it easier for people worldwide to access cryptocurrency payments and financial services.
Circle and Celo’s collaboration aims to foster financial inclusion, as Circle handles over $100 billion in transactions annually, while Celo supports a wide range of projects globally. The open-source nature of USDC allows any application to securely manage digital dollars, benefiting numerous decentralized finance (DeFi) and payment applications.
The addition of USDC on Celo is particularly notable for its potential to facilitate low-cost remittances, continuous trading, and the creation of savings accounts independent of traditional banking systems.
The token address for USDC on Celo is ‘0xcebA9300f2b948710d2653dD7B07f33A8B32118C’. Furthermore, there are proposals being considered to enable the payment of gas fees in USDC, pending a governance vote.
In recent times, Celo has been in the spotlight for several significant developments. Opera, for instance, announced the introduction of a new dollar stablecoin wallet on the Celo network for its Android browser. This initiative aims to leverage digital assets to facilitate stable and accessible financial transactions in areas facing economic difficulties, starting with Nigeria.
Celo has also received support from prominent names like Polygon Labs, which recommended the use of its Chain Development Kit (CDK) for Celo’s transition to a Layer 2 solution on Ethereum. This suggestion came after Celo’s core team, cLabs, explored a different approach to move from Layer 1 to an Ethereum-based Layer 2, utilizing software from OP Labs called OP Stack.
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