Circle has launched its USDC stablecoin natively on the Celo blockchain.
USDC, one of the leading stablecoins in the crypto market, has launched on the Celo network. This allows blockchain users to access USDC for real-world asset transactions and cross-chain swaps.
USDC issuing company Circle has highlighted that the integration of its stablecoin into the Celo network will expand the stablecoin’s use cases within the crypto space. USDC users will be able to access different services and transact with the stablecoin, including remittances, savings, loans, humanitarian aid disbursement, peer-to-peer (P2P) payments, and cross-border payments on the network, Circle said.
For its part, the Celo Foundation, which oversees the development of the blockchain, Indian that the integration of USDC into its blockchain ecosystem is a fundamental step for Accelerating financial inclusion through cryptocurrencies.
Celo is an Ethereum Virtual Machine (EVM)-compatible blockchain network designed to facilitate access to decentralized finance (DeFi) from mobile devices. This blockchain network prioritizes real-world applications, such as fast, low-cost payments around the world.
Celo is currently transitioning to become a layer 2 solution on Ethereum, improving the scalability and efficiency of this blockchain ecosystem.
Celo, a growing ecosystem
Celo has been selected by Circle to be the native home of its USDC stablecoin due to the potential growth that this network has experienced since its launch in 2018.
Celo currently has a large global user base, with over 1.000 projects deployed on its blockchain infrastructure. In addition to this, the network has gained important global partners, such as Deutsche Telekom, Google Cloud and Opera, who have committed to driving the development of this blockchain network, in order to create economic prosperity for all.
In addition to Celo, USDC has also been implemented on other blockchains, including Algorand, Stellar, Solana, and Ethereum, the chain on which the stablecoin was initially developed.
A broad global user base
With the launch of USDC on Celo, users will be able to benefit from a widely used and recognized stablecoin in the crypto ecosystem.
USDC is the world's second-largest stablecoin by market cap, second only to Tether's USDT. According to data from CoinMarketCap, USDC has a current market cap of $26.880 billion, making it the seventh most valuable cryptocurrency in the world.
Source: CoinMarketCap
While USDC’s market dominance has declined considerably since the beginning of 2023, in the past month, the stablecoin has added over $2.000 billion to its market cap. This growth is a key indicator of the stablecoin’s market adoption.
RWA, one of the main use cases of the blockchain industry
Isha Varshney, Director of Strategy and Innovation at the Celo Foundation, expressed their enthusiasm for the incorporation of real-world assets (RWA) into the Celo chain, through the partnership with Circle and the launch of USDC.
According to Varshney, Celo wants to be the best ecosystem for stablecoins, which have proven to be one of the main use cases in the industry.
On the other hand, Shamus Noonan, senior director of business development at Circle, highlighted that for Circle it is an honor to be part of the Celo ecosystem, a carbon negative blockchain which is distinguished by offering fast and low-cost payments worldwide.
At the time of writing, CELO, the network’s native cryptocurrency, is valued at $0,67, representing a 3,7% increase over the past 24 hours.
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