Circle’s USDC Stablecoin Will Launch Natively On Celo Blockchain, Pay For Gas
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Circle’s USDC Stablecoin Will Launch Natively On Celo Blockchain, Pay For Gas

According to the Celo Foundation, Circle’s stablecoin (USDC) will launch natively on the Celo blockchain.

Minting USDC on the Celo blockchain will boost Celo’s use cases for real world assets and enhance USDC’s convertibility into fiat currencies.

USDC will join Celo’s native proof-of-stake governance token CELO as the blockchain transitions from an EVM-compatible layer-1 chain to an Ethereum layer-2 protocol. 

The Celo community will vote in an upcoming proposal on making USDC the gas currency for the ecosystem.

Mento Lab already issues the cUSD stablecoin on Celo, as well as other stablecoins such as the cEuro, cREAL pegged to the Brazilian currency and eXOF pegged to the African CFA franc.

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Celo positions itself as part of the regenerative finance movement, and is carbon neutral and mobile-first. 

It emphasizes mobile technology to improve the user experience in emerging economies. 

The Opera web platform launched its MiniPay wallet on Celo in September for African users with mobile phones. Circle senior business development manager Shamus Noonan said in a statement:

“This partnership will help broaden access for USDC and leverage Celo’s mobile-first user-base in regions where blockchain adoption is highest.”

The integration of USDC will also give institutional and enterprise users access to the Circle Mint on/offramp, which will enable greater activity on Celo, the Celo Foundation said.

USDC is the second-largest stablecoin with a market cap of $26.5 billion, following Tether USDT with a market cap of $96.1 billion. 

It reportedly filed for an initial public offering in the United States in mid-January.

Circle has been expanding its global reach. It was granted conditional registration as a virtual assets service provider in France in December. 

A month earlier, it partnered with Japanese financial services firm SBI to introduce the stablecoin in that country. 

It has partnered with global payments processor Visa since 2020 and expanded cooperation using USDC issued on Ethereum and Solana in September.

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Circle has also come under fire for alleged connections to money laundering. It denied those allegations.

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