March 11, 2024 — Tether Operations Limited (Tether), the largest company in the cryptocurrency industry, announced today that USDT will launch on Celo, a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide. This strategic collaboration between Tether and the Celo ecosystem ushers in a new era of accessibility and utility for digital currency users and represents a significant milestone for both platforms, as they join forces to enhance financial inclusion and empower individuals across the globe.
Celo’s mobile-first design ethos and its extensive ecosystem, spanning over 1,000 projects across more than 150 countries, align perfectly with Tether’s mission of accessibility. This integration brings a range of benefits, notably low, sub-cent transaction fees, which hover around $0.001, making microtransactions feasible for users of all socio-economic backgrounds and geographies. Celo’s EVM-compatible blockchain infrastructure further integrates with the industry’s leading Ethereum ecosystem.
Additionally, a community Forum post by Celo core contributors at cLabs will propose the innovative use of USDT as a gas currency, which will streamline transactions and foster efficiency within decentralized applications (dApps) focusing on payments, lending, and more. Celo’s vibrant ecosystem includes projects like Opera MiniPay’s ultralight stablecoin wallet in countries like Kenya and Ghana, built into the Mini browser, among other use cases providing an optimal environment for the adoption and utilization of USDT.
The carbon-negative Celo blockchain will not only ensure the accessibility of USDT through mobile devices but also uphold the financial transparency and low costs synonymous with Tether. This expansion underscores the shared mission of both companies to extend the advantages of blockchain-powered technologies to mainstream consumers worldwide.
“At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide,” said Paolo Ardoino, CEO of Tether. “The integration of Tether USDT on the Celo platform, which is built for the real world, will represent a significant step forward in our mission. By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.”
Tether USDT will join a diverse array of stable assets on the Celo platform, including solutions such as Mento’s eXOF and cREAL, which track the CFA Franc (used across 14 countries in sub-Saharan Africa) and the Brazilian Real, respectively, catering to various regions and currencies. This integration expands the use cases for stable assets on Celo, including, but not limited to remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.
Key features of the Celo platform, such as SocialConnect, a privacy-first naming service, made for phone numbers, email addresses, and other social identifiers, and FiatConnect, an open on-/off-ramp API standard will also enhance accessibility and usability for users, making it easier than ever to transact with Tether USDT on Celo. Additionally, the ability to pay for gas with ERC-20 tokens, including stable assets, will provide an easy, seamless payment experience for users.
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets (RWAs)” said Rene Reinsberg, Celo Co-Founder and Celo Foundation President. “This integration aligns with our mission to create a digital economy that creates the conditions for prosperity for everyone. With Tether USDT soon available on Celo, users have even more options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world.”
The launch of Tether USDT on Celo will mark a significant milestone for both platforms and the broader ecosystem. It underscores the importance of collaboration and innovation in driving the adoption of digital currencies and advancing financial inclusion on a global scale.
It also solidifies Tether’s position as the most widely adopted stablecoin, which is now live on 16 networks, including Algorand, Avalanche, Ethereum, EOS, Liquid Network, Near, Omni, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemine, Statemint, Tezos, and Tron.
For more information about Tether and Celo, visit Tether and Celo.
Important Note
This press release is not an offer to sell or the solicitation of an offer to buy USDT. Tether Limited and Tether International Limited will only sell or redeem USDT pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
