Tether will introduce its USDT token on the Celo blockchain, a platform compatible with the Ethereum Virtual Machine and transitioning towards becoming an Ethereum Layer 2 network. With this, Tether will broaden the reach of USDT, which is already available on several blockchains, including Ethereum, Solana, and Polygon.
A spokesperson for Tether confirmed that the launch on Celo would happen shortly, though a specific date has yet to be announced. This expansion represents another step for USDT’s presence across various blockchain environments. Tether has previously withdrawn support for certain networks due to low user demand, continuing to offer redemptions until a predetermined deadline.
Celo, founded in 2020, focuses on streamlining mobile payments by associating phone numbers with cryptocurrency wallet addresses and ensuring low transaction costs. The platform aims to enhance user experience by providing easy and affordable transaction options. Rene Reinsberg, a co-founder of Celo, expressed enthusiasm about the integration of USDT, noting its potential to broaden payment and stablecoin use cases for individuals worldwide.
The addition of Tether’s USDT to Celo is expected to enhance the platform’s stable asset offerings and could be employed in various financial operations, including remittances and lending services. Furthermore, there are discussions about proposing USDT as a gas currency to support transactions in decentralized applications on the Celo network. This development aligns with Tether’s growth, as the circulating supply of USDT has recently surpassed 102 billion, with its total supply, including tokens authorized but not yet issued, exceeding 108 billion.