Leading stablecoin issuer Tether has announced plans to introduce its USDT token on the Celo blockchain, a platform compatible with the Ethereum Virtual Machine and transitioning to an Ethereum Layer 2 network.

While the exact launch date has not been disclosed, a Tether representative has confirmed that it will happen in the near future. This move signifies further expansion for USDT, which is already available on various blockchains including Ethereum (ETH), Solana (SOL), and Polygon (MATIC).

Tether had previously ended support for certain networks due to low demand but is still processing redemptions until the specified deadline.

Tether Token (USDT) to Launch on @Celo

Established in 2020, Celo aims to streamline mobile payments by connecting phone numbers with crypto wallet addresses and offering low transaction fees. Co-founder Rene Reinsberg believes that the addition of USDT on Celo will expand payment options and stablecoin applications for users worldwide.

Tether’s integration with Celo will complement the platform’s existing stable assets and can be used for various financial activities such as remittances and lending. Additionally, there are plans to introduce USDT as a gas currency to facilitate transactions in decentralized apps within the Celo ecosystem.

This move comes as Tether’s USDT circulating supply exceeds 102 billion, with the total supply, including authorized but not issued tokens, surpassing 108 billion.

For more information on Tether’s latest developments, visit Global Crypto News.

Post Views: 5