Tether Brings USDT to Celo - Token Price Surges

News of the Tether partnership coincides with this EVM chain's evolution into an Ethereum layer-2.

Tether brings USDT to Celo - Token price surges

The stablecoin issuer Tether is set to debut USDT on Celo - an EVM blockchain currently transitioning into an Ethereum layer-2.

The deployment schedule for USDT on Celo remains unclear, but this move is expected to happen as soon as possible.

Before Tether's arrival on Celo, competitor Circle seemingly took a lead. Earlier this year, Celo announced integration with Circle's stablecoin and proposed using USDC as gas fees on the network.

However, Tether's expansion to Celo will bring USDT to more than 10 different blockchains, including Ethereum, Solana, Avalanche, Algorand, Polygon, TRON, EOS, Liquid Network, Tezos, Near, Polkadot, and Kava. Last August, Tether halted USDT issuance on Kusama, Bitcoin Cash, and Omni Layer due to reduced demand.

Launched in 2020, Celo focuses on enabling mobile payments. With USDT soon to be introduced, users will have more options for daily transactions worldwide.

In addition to USDT, Celo offers a range of other stable assets such as cUSD, cEUR, cREAL, and eXOF. Key members of cLabs have proposed using USDT for gas payments on the chain.

Thanks to the Tether integration news, CELO surged nearly 50% overnight. At the time of writing, the price remains strong around $1.6, after briefly touching $1.8.

1D chart of CELO/USDT pair on Binance as of 10:15 AM on March 12, 2024.