Stablecoin

Celo

Elon Musk

Coin

<a href="https://tether.to/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">Tether</a>, a leading stablecoin operator, is expanding its USDT stablecoin’s reach by partnering with the Celo network, which is an Ethereum Virtual Machine (EVM)-compatible layer-1 network designed specifically for rapid and cost-efficient payments. 
This collaboration, announced on March 11, is expected to significantly benefit USDT users by introducing “notably low, sub-cent transaction fees” around $0.001, thus facilitating microtransactions. 
A source close to Celo highlighted the network’s commitment to providing fast, low-cost payments globally since its launch in April 2020. 
Transitioning to an Ethereum L2, according to a spokesperson, would maintain low gas fees—a critical factor for achieving global prosperity, aligning with Celo’s community mission. 
The introduction of USDT to the Celo ecosystem will enrich the platform’s variety of stable assets, which includes Mento’s eXOF and the cREAL, among others. 
These stable assets are instrumental in supporting remittances, savings, lending, and cross-border payments. 
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets,” said Rene Reinsberg, Celo co-founder and foundation president. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/sam-altman-reinstated-to-openai-board-amid-legal-battle-with-elon-musk/" data-wpel-link="internal">Sam Altman Reinstated to OpenAI Board Amid Legal Battle with Elon Musk</a> 
He emphasized the added options for users seeking fast, low-cost payment methods and the enhancement of stablecoin use cases benefiting people globally. 
Details on when USDT will be officially issued on the Celo blockchain were not disclosed by Tether representatives. 
However, this move places USDT alongside 14 other blockchains supported by Tether, such as Tron, Ethereum, Solana, and Avalanche, with Tron and Ethereum hosting the majority of USDT circulation. 
The integration occurs amidst growing concerns within the crypto community over rising Ethereum network fees, which have soared as Ether prices breached $4,000. 
These high fees have particularly affected Ethereum-based USDT transactions, which require ETH for gas fees. 
Nevertheless, the Celo network’s EVM compatibility does not inherently link it to Ethereum’s fee structure, offering a semblance of independence from the volatile gas fees, as noted by a Celo insider. 
This strategic move by Tether into the Celo network is also noted alongside the introduction of its major competitor, the Circle-issued USD Coin (USDC), to Celo, marking a significant period of growth and diversification for stablecoins on the platform. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

Tether Expands USDT Stablecoin to Celo Network, Offering Microtransactions at Sub-Cent Fees

Crypto Intelligence

Other articles published on Mar 12, 2024

Milady Meme Coin: LADYS Surges 30% To New All-Time High, But Traders Rush To Buy This Competing M...

Ethereum Price Prediction: 3 Factors Why ETH Approaching $5,000 As ETF Hope Dwindles

Zeus Network Reveals Angel Investor Lineup: Featuring Solana Co-Founder Anatoly Yakovenko, Mechan...

Breaking News: Bitgert Shakes the Crypto World With a 200% Price Surge – What’s Driving This Mete...

Crypto Boy Video Update on One of the Top Meme Coin Gainers in March

Analyst Reveals BTC’s Next Price Level Target as Bitcoin Hits Record After Record

Join our free newsletter for daily crypto updates!