Tether Expands USDT to Celo Platform; CELO Surges 40%

Published: Mar 11, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Leading stablecoin operator Tether announced a collaboration with smart contract platform Celo. The collaboration will bring USDT to the network’s fast, inexpensive blockchain framework.  

Key details:

  • USDT to benefit from average Celo fees of around $0.001 per transaction.
  • Celo’s 1,000+ project ecosystem spans 150+ countries focused on real-world use.
  • Integration to enable gas payments via stablecoins like USDT.

Announced on March 11th, the strategic partnership will allow seamless USDT transfers and transactions via Celo’s EVM-compatible blockchain framework. Tether highlighted the alignment with Celo’s mission of reaching mainstream consumers in a press release unveiling the news.

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“The integration of Tether USDT on the Celo platform will represent a significant step forward in our mission,” said Paolo Ardoino, Tether’s CTO. He emphasized enhancing accessibility as a key driver.

Celo represents USDT’s 15th blockchain

Celo represents the 15th blockchain, now boasting integrated USDT functionality. Other blockchain networks include Ethereum, Tron, Solana, and Avalanche. 

No exact date was provided for when USDT will launch on Celo. Tether joins competitor stablecoin operator Circle, already active on the network. Circle launched native USDC on Celo back in January.

An additional proposed benefit under consideration is utilizing USDT itself as a gas currency within Celo’s 100+ DeFi applications. This would optimize efficiency and the user experience, according to core Celo contributors at cLabs.

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Celo Foundation President Rene Reinsberg hailed USDT’s arrival as showcasing the network’s strengths regarding real-world assets. He said its existing stablecoin ecosystem, combined with user-friendly design and features, creates an ideal environment for Tether.

According to CoinMarketCap data, following the announcement, the price of CELO surged by almost 40%. CELO surged from a 24-hour low of $1.12 to a high of $1.79 before falling to its current price.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.