Stablecoin issuer Tether prepares to launch its USDT
-0.40%
token on Célo 
CELO
-4.35%
a blockchain compatible with the Ethereum virtual machine which is in the process of transitioning to an Ethereum Layer 2 network.
It’s unclear when USDT will launch on Celo, but a Tether spokesperson told The Block that it would happen “soon.”
Earlier this year, Tether rival Circle also launched its USDC stablecoin on Celo.
Tether’s Celo expansion will bring USDT to more than a dozen blockchains, including Ethereum, Solana, Avalanche, Polygon, and Near. Last August, Tether discontinued support for the Kusama, Bitcoin Cash Simple Ledger Protocol and Omni Layer networks, citing a lack of demand, while redemptions on these networks will continue until August this year.
Celo was launched in 2020 with the aim of making payments easier for mobile users. Celo maps phone numbers to crypto wallet addresses and claims to make sending payments as easy as sending a text message with low transaction fees of less than a penny. “With Tether USDT coming soon to Celo, users have even more options for fast, low-cost payments and access to robust stablecoin use cases that benefit everyday users around the world,” said Rene Reinsberg, co-founder of Celo and president of the Celo Foundation. in a report.
Tether’s USDT will join a range of Celo’s native “Mento stable assets”, including cUSD, cEUR, cREAL and eXOF. The integration of USDT will expand the use cases for these assets, such as remittances, savings, loans and cross-border payments, Tether said.
Celo’s core contributors at cLabs also plan to propose using USDT as a gas currency to streamline transactions within decentralized applications focused on payments and lending.
News of Tether’s Celo integration comes as the circulating supply of USDT surpassed 102 billion. The total stablecoin supply, including authorized but unissued tokens, exceeds 108 billion.
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