The association between Circle and Celo will benefit the two parties as Celo continues advancing actual-world use cases and Circle extends its reach.
According to the Celo Foundation, Circle’s USDC will unveil natively on the Celo blockchain. Minting USDC on the blockchain will augment Celo’s use cases for actual-world assets and improve the convertibility of USDC into fiat currencies.
USDC will join CELO, Celo’s native proof-of-stake governance token, as the blockchain moves to an Ethereum layer-2 protocol from an Ethereum Virtual Machine-compatible-layer 1 chain. Further, the Celo community will vote on a forthcoming proposal to convert USDC into the ecosystem’s gas currency.
Mento Lab Unveiling cUSD Stablecoin Celo
Currently, Mento Lab provides the cUSD stablecoin on Celo. It also offers other stablecoins, including eXOF (pegged to the West African CFA franc) and cREAL (pegged to the Brazilian real).
Celo is part of the regenerative financial movement and is mobile-first and carbon-neutral. It focuses on mobile technology to enhance the user experience in upcoming economies.
In September, the Opera web platform unveiled its MiniPay wallet on Celo for mobile phone users in Africa. In a statement, Shamus Noonan, Circle’s Senior business development manager, noted that the collaboration will aid in expanding access for USDC and take advantage of Celo’s mobile-first user base in places with the highest adoption of blockchain.
USDC’s incorporation will also ensure access to the Circle Mint on/off ramp by enterprise and institutional users. According to the Celo Foundation, this will also provide improved activity on Celo.
Tether Unveiling IPO in the US
USDC, the 2nd-biggest stablecoin, has a market capitalization of $26.5B and follows Tether, whose market capitalization is $96.1B. Mid last month, it reportedly filed for an initial public offering (IPO) in the U.S.
Circle has been extending its international reach. In December 2023, it was accorded conditional registration as a virtual asset service provider (VASP) in France. In November, it collaborated with SBI, a Japanese financial services company, to unveil USDC in that nation.
It has also collaborated with Visa, an international payments processor, since 2020 and utilized USDC provided on Solana and Ethereum to expand cooperation. Circle has also been criticized for suspected links to money laundering, accusations it has disputed.
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