Tether Launches USDT on Celo Targeting Increased Usability

Tether, the company behind the issuance of $USDT, the largest stablecoin in the cryptocurrency market, has announced the launch of its currency on Celo, an EVM-compatible blockchain. Paolo Ardoino, CEO of Tether, stated that this move was focused on enhancing the “usability and accessibility of Tether for millions of people.”

Tether Announces $USDT’s Launch on Celo

Tether is making moves to expand the reach of its dollar-pegged stablecoin into new markets. The company recently launched $USDT, the largest stablecoin in the crypto market, on Celo, an Ethereum Virtual Machine (EVM) compatible blockchain. The launch of the $USDT in this low-fee, payments-focused blockchain seeks to open new possibilities for stablecoins users, opening new paths and opportunities for its utilization in emerging economies.

Also, this alliance includes a proposal to make $USDT a gas currency on Cello, meaning it could be used to pay for transaction fees. This can potentially simplify the stablecoin’s usage in applications that only need $USDT, such as dollar-based payment wallets and services-focused apps.

Paolo Ardoino, CEO of Tether, remarked on the importance of providing easy-to-use and cheap rails for $USDT, benefiting users who are still not included in today’s alternative cryptocurrency system.

Ardoino stated:

By leveraging the unique capabilities of Celo, we can further enhance the usability and accessibility of Tether for millions of people.

Rene Reinsberg, co-founder of Celo, declared that the $USDT’s integration on Celo “aligns with our mission to create a digital economy that creates the conditions for prosperity for everyone.” Furthermore, Reinsberg stressed this move gives users more “options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world.” Cello’s users pay sub-cent fees for each transaction.

While most $USDT was issued in two chains, Tron and Ethereum, $USDT is natively present in 16 different networks, including Solana, Avalanche, and Polygon. The company recently signed a memorandum of understanding with Uzbekistan to develop cryptocurrency infrastructure projects and a comprehensive crypto regulatory framework.

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