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- Celo is a layer-1 network and is compatible with the Ethereum Virtual Machine (EVM).
- Customers will have even more alternatives for cheap and rapid payments.
Tether has entered into a strategic partnership with the Celo blockchain as part of its ongoing expansion of its USDT stablecoin across other blockchain networks. Celo is a layer-1 network that now supports Tether (USDT) and is compatible with the Ethereum Virtual Machine (EVM). It is meant for low-cost and quick payments. Celo is in the process of transitioning from an independent blockchain to a new layer-2 on top of Ethereum.
Among the many advantages that Tether claims the new integration will offer to USDT is the ability to conduct microtransactions with “notably low, sub-cent transaction fees” of around $0.001. According to a source close to Celo, the company has been focusing on providing rapid, low-cost payments globally since its inception in April 2020.
More Alternatives for Cheap and Rapid Payments
In addition to USDT, the Celo platform will provide a number of other stable assets, such as Mento’s eXOF and the cREAL. Remittances, savings, loans, and cross-border payments are some of the use cases for stable assets on Celo.
Celo co-founder and foundation president Rene Reinsberg stated:
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets.”
When Tether USDT is available on Celo, customers will have even more alternatives for cheap and rapid payments, as well as access to strong stablecoin use cases that help regular people all around the globe, according to Reinsberg.
As the price of Ethereum (ETH) rises beyond $4,000, the crypto community is becoming more vocal about the excessive fees imposed by the Ethereum network. Since ERC-20 Tether USDT needs ETH gas costs to complete transactions, the soaring ETH fees have also affected USDT that is based on Ethereum.
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