Tether Unveils USDT Launch on Celo with EVM Compatibility

Tether broadens USDT availability to Celo, enabling swift, cost-effective transactions, thereby bolstering microtransaction feasibility and increasing stablecoin options.

Tether, the company behind the leading stablecoin USDT, has announced its expansion onto the Celo blockchain. This partnership integrates USDT into a layer 1 network compatible with the Ethereum Virtual Machine (EVM), known for its focus on swift and cost-effective payments.

This initiative aims to enhance microtransaction functionality by reducing transaction fees, representing a significant step in Tether’s efforts to diversify across different blockchains.

Utilizing Affordable Fees to Improve Functionality
The incorporation of USDT into the Celo platform stands out due to its promise of transaction costs nearing $0.001. This will significantly enhance the feasibility of microtransactions, a pivotal aspect for widespread adoption in everyday transactions and financial inclusivity.

By harnessing Celo’s infrastructure, engineered for both speed and cost-efficiency, Tether aims to broaden its applicability beyond traditional transactional models, potentially revolutionizing digital payments and remittances.

Celo’s dedication to maintaining minimal gas fees while remaining EVM compatible ensures that its operational expenses are unaffected by Ethereum network fee structures.
This feature is crucial for the platform’s affordability and accessibility, aligning with its overarching goals of advancing global prosperity through blockchain technology.

Diversifying the Stablecoin Landscape on Celo
The inclusion of USDT in Celo’s ecosystem expands the array of stable assets offered on the platform, alongside distinctive offerings like Mento’s eXOF and cREAL, linked to the CFA franc and the Brazilian real, respectively.

These assets facilitate various applications such as remittances, savings, lending, and cross-border payments, positioning Celo as a robust platform for stablecoins and real-world assets.

Rene Reinsberg, one of Celo’s co-founders, expressed enthusiasm for the collaboration, highlighting that it signifies Tether and Celo’s shared objective of fostering an inclusive financial ecosystem.

Furthermore, the integration is anticipated to enhance payment efficiency and broaden the scope of stablecoin applications accessible to users worldwide.