The Celo protocol is an Ethereum Virtual Machine (EVM) compatible blockchain that bills itself as “mobile first,” and is in the process of migrating into becoming a layer-2 solution.
Its native token, CELO, can be used for governance, staked for rewards, and used to pay reduced transaction fees.
According to a new announcement published by The Celo Foundation, USDC will launch natively on Celo.
USDC is the second-largest US-dollar pegged stablecoin by market cap, behind only USDT, issued by Tether. USDC is currently the seventh-largest crypto asset by market cap overall.
Says Isha Varshney, Head of Strategy and Innovation at the Celo Foundation,
“As a leader in driving real-world adoption of crypto, the Celo ecosystem is excited to bring more RWAs on-chain through our partnership with Circle and the launch of USDC on Celo. We want to be the best ecosystem for stablecoins, which has proven to be among the industry’s prevailing use cases, as institutional investors come into Web3.”
Shamus Noonan, senior manager, business development at Circle says,
“Circle is proud to join the mission-driven Celo ecosystem as a blockchain that’s known for providing fast, low-cost payments worldwide. This partnership will help broaden access for USDC and leverage Celo’s mobile-first user base in regions where blockchain adoption is highest.”
CELO is worth $0.680 at time of writing, up 1.5% in the last 24 hours.
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