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Stablecoin issuer Circle is making significant strides by bringing its widely-used USDC stablecoin to the Celo blockchain, as announced by The Celo Foundation. The Celo protocol, boasting Ethereum Virtual Machine compatibility, is strategically transitioning into a layer-2 solution while positioning itself as a “mobile-first” blockchain.
In a collaborative effort, Circle and The Celo Foundation are set to introduce USDC on the Celo blockchain. USDC, the second-largest US-dollar pegged stablecoin by market cap, follows only USDT issued by Tether. Currently holding the seventh position in the overall crypto market cap, USDC’s arrival on Celo signifies a significant expansion for both platforms.
Isha Varshney, Head of Strategy and Innovation at the Celo Foundation, expressed enthusiasm about the partnership, stating, “We want to be the best ecosystem for stablecoins, which has proven to be among the industry’s prevailing use cases, as institutional investors come into Web3.”
Shamus Noonan, Senior Manager of Business Development at Circle, highlighted the strategic alignment with Celo’s mission-driven ecosystem. He emphasized Celo’s reputation for providing swift, cost-effective global payments, foreseeing the partnership broadening access for USDC while leveraging Celo’s mobile-first user base, particularly in regions with robust blockchain adoption.
The move underscores Circle’s commitment to facilitating broader utility for USDC and tapping into the growing mobile-centric user base that Celo has cultivated.
At the time of writing, CELO, Celo’s native token, is valued at $0.680, reflecting a 1.5% increase in the past 24 hours.