Tether, the stablecoin issuer behind USDT, has taken a significant step forward in expanding its reach and enhancing its functionality by launching on the Celo network. This new development marks a strategic collaboration between Tether and Celo, a carbon-negative, permissionless platform compatible with the Ethereum Virtual Machine (EVM), aiming to facilitate efficient transactions and boost functionality across decentralized applications (dApps) focused on payments, lending, and other services.
Celo’s Groundbreaking Partnership with Tether USDT
According to a recent announcement by Tether, this new integration will allow USDT to offer significant benefits on Celo, including extremely low transaction fees, around $0.001. This broadens the utility of USDT in various sectors such as savings, lending, remittances, and cross-border payments. With this move, USDT will join other stable assets on Celo, including eXOF and cREAL, which are pegged to the CFA Franc and the Brazilian Real, respectively.
A Step Towards Accessibility and Reliability
Paolo Ardoino, CEO of Tether, expressed the company’s commitment to providing accessible and reliable digital currency solutions worldwide. He views the collaboration with Celo as a significant step forward in Tether’s mission, leveraging Celo’s capabilities to enhance the usability and accessibility of Tether for millions globally.
Celo, known for its mobile-first approach and emphasis on fast, low-cost payments, operates across more than 150 countries and supports over 1,000 projects. The integration of USDT into the Celo ecosystem will undoubtedly add value to its growing user base.
A New Era of Accessibility and Utility for Crypto Users
Rene Reinsberg, co-founder and president of Celo and the Celo Foundation, emphasized that this integration aligns with their mission to create a digital economy that fosters prosperity for everyone. The addition of USDT is expected to offer more options for fast, low-cost payments and strengthen the use cases of stablecoins for users worldwide.
Addressing Community Concerns
The latest development comes amid rising complaints from the crypto community about high fees on the Ethereum network as the price of Ether (ETH) crosses $4,000. The increasing cost of ETH fees has also affected Ethereum-based USDT, as completing transactions with ERC-20 Tether USDT requires payment of ETH gas fees. By moving to the Celo network, Tether aims to mitigate these issues and offer a more cost-effective alternative for users.
In conclusion, this strategic partnership between Tether and Celo heralds a new era of accessibility, utility, and cost-effectiveness for crypto users. With USDT joining the ranks of stable assets on Celo, users can now enjoy fast, low-cost transactions while expanding the scope of their usage for various applications.
Tether’s Continued Expansion
This collaboration further strengthens Tether’s position as a leading stablecoin provider and highlights its commitment to offering users flexibility, accessibility, and affordability. With USDT now available on 15 networks, including major ones like Ethereum, tron, polygon, Avalanche, and algorand, Tether continues to push the boundaries of what a stablecoin can offer.
