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The Stabila Foundation has launched a new initiative to boost stablecoin adoption within the Celo ecosystem, aiming to drive real-world use cases for the network.
The Celo (CELO) blockchain ecosystem has welcomed a new foundation focused on increasing the adoption and use of stablecoins within its network.
The Stabila Foundation, funded by the Celo community, aims to enhance the ecosystem’s financial stability by promoting the real-world utility of stablecoins, particularly in emerging markets such as Africa, Latin America, and Southeast Asia, according to an Aug. 28 press release shared with crypto.news.
“We aim to achieve these goals by collaborating closely with stablecoin issuers, ecosystem applications, infrastructure partners, merchants, and everyday users.”
The Stabila Foundation
In addition to the Celo community, the foundation has secured backing from Allbridge Core, Angle Labs, and Wormhole Foundation.
Celo seeks more stablecoin activity
The foundation will focus its resources on offering incentives for stablecoin liquidity pools, supporting educational campaigns, and backing projects that align with its mission. By collaborating with stablecoin issuers, the foundation intends to increase transaction volumes and user growth on Celo, positioning it as a leading platform for stablecoins, the press release reads.
Celo already supports major stablecoins such as (USDT) and (USDC), which collectively account for over 85% of the stablecoin market. However, the foundation seeks to expand the ecosystem even further by encouraging the use of a diverse range of local currency stablecoins, including those from Mento Labs, Angle Labs, and BRLA Digital.
According to data from DefiLlama, the total market capitalization of stablecoins on the Celo network stands at $337.57 million, with Tether’s USDT accounting for over 75% of the market.
Commenting on the foundation’s launch, Paul Kremsky, global head of business development at Cumberland, noted that stablecoins have emerged as the “killer use case of blockchain,” emphasizing that expanding stablecoins beyond the USD is an “important effort that will bring this infrastructure to the whole world, including regions that are sorely underserved by traditional banking rails.”