In a groundbreaking move, Tether Operations Limited has officially introduced the Celo Blockchain-based Tether Token (USDT) into the market, unveiling details through a recent press release. This development marks a significant stride towards promoting financial inclusion, utilizing the strengths of Celo’s “mobile-first and EVM-compatible” blockchain community.
Here’s some more information about this interesting update.
Tether’s decision to integrate with Celo, renowned for its mobile-centric approach, is a key step in making fast, low-cost payments accessible worldwide. The collaboration seamlessly aligns with Tether’s mission of creating a “currency for the people, by the people,” fitting snugly into Celo’s mobile-centric philosophy and expansive ecosystem.
Paolo Ardoino, CEO of Tether, expressed his excitement about this partnership, stating,
“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.”
Also Read: Tether Partners with Uzbekistan for Crypto Regulations & Future of Finance
The Tether-Celo alliance brings a game-changing advantage – remarkably low transaction fees. With Celo’s fees as low as $0.001, microtransactions become not only feasible but comfortable for users across different economic strata, democratizing digital transactions.
Celo’s EVM-compatible blockchain ensures seamless compatibility with the Ethereum system, facilitating interoperability. This compatibility simplifies transactions and opens up new avenues for the integration of USDT into Celo’s ecosystem.
USDT as a Gas Currency?
Celo’s Community Forum post introduces an innovative use of USDT as a gas currency in dApps related to payments and lending. This approach simplifies transactions and underscores Celo’s commitment to a competitive ecosystem that prioritizes efficiency and usability.
With an extensive ecosystem spanning over 1000 projects across 150 countries, Celo emerges as the ideal hub for the adoption and utilization of USDT. Successful demonstrations, such as Opera MiniPay’s stablecoin wallet in Kenya and Ghana, showcase Celo’s commitment to creating optimal conditions for USDT integration.
Celo’s blockchain is carbon-negative, enabling users to access USDT through mobile devices while retaining crucial features like transaction transparency and low costs. This expansion aligns with Tether’s mission to reach a global audience, emphasizing blockchain-based applications.
On the way to financial inclusion
The integration of USDT into Celo’s platform is a strategic move, set to expand the user base and support the long-term vision of building a globally inclusive financial ecosystem. This expansion enables high-speed, low-cost payments, opening new horizons for stablecoin usage on a global scale.
Tether’s alliance with Celo certainly breaks barriers.
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