This move marks a stride towards global financial inclusivity and empowerment through blockchain.
Celo, with its mobile-first, real-world-focused blockchain, is an ideal partner for this journey.
Celo & Tether: Partnering for a Financially Inclusive Future
The partnership between Tether and Celo is poised to redefine the landscape of digital finance. Especially in areas of the world where traditional banking services are scarce or nonexistent.
Celo’s global ecosystem of over 1,000 projects in 150+ countries showcases its commitment to universal financial access via mobile. This vision aligns seamlessly with Tether’s mission of broadening the accessibility and utility of digital currencies.
🚨 Welcome to the Celo ecosystem, @Tether_to! 🎉
Tether just announced plans to deploy native USDT on Celo, expanding everyday use cases on the mobile-first, EVM-compatible blockchain network built for the real world 🌐
🧵 Why is this important? Keep reading below ↓ pic.twitter.com/Aim9Lqvd7c
— Celo 🦇 🌳 (@Celo) March 11, 2024
One of the most striking benefits of this integration is the dramatic reduction in transaction fees to sub-cent levels. This breakthrough enables microtransactions with USDT, free from high fees. This feature is vital in regions where every cent counts, making new digital transactions possible.
The integration leverages Celo’s EVM-compatible infrastructure, enhancing the interoperability within the blockchain ecosystem. This compatibility lets developers easily create dApps on Celo using USDT for stable value exchange.
More About the Celo & Tether Partnership
SocialConnect, an innovative feature of the Celo network, further enriches the user experience by enabling social mapping. This streamlines USDT transactions to contacts, creating a more connected financial network.
Additionally, the partnership simplifies fiat to USDT conversions via Fiat Connect’s on- and off-ramping API. This feature offers a vital bridge between traditional and digital finance in regions with limited digital currency access.
3/ Benefits of the integration include:
→ Sub-cent transaction fees, enabling microtransactions for all
→ EVM-compatible infrastructure, enhancing interoperability
→ Social mapping via SocialConnect
→ On- & off-ramping API standard @FiatConnect— Celo 🦇 🌳 (@Celo) March 11, 2024
Moreover, Tether’s integration into the Celo ecosystem brings it alongside Mento Labs’ stablecoins, such as cREAL and eXOF, which track the Brazilian Real and West African Franc, respectively. This inclusion not only diversifies the stablecoin offerings within the Celo ecosystem but also propels Celo forward as the premier ecosystem for stablecoins and real-world assets (RWAs).
powered by the Mento stable $cUSD https://t.co/CtsPr12gVz
— Mento Labs (@MentoLabs) September 13, 2023
In essence, Tether’s move to deploy native USDT on Celo is a monumental step forward in the joint mission of enhancing financial inclusion and empowering individuals worldwide.
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