The issuer of the most popular stablecoin on the market, Tether (USDT), has entered into a partnership with the Level 1 (L1) solution team of Celo. The stablecoin USDT will be launched on yet another network, Celo. The Tether team reported this on the official blog.
What will the cooperation between Tether and Celo bring?
The USDT stablecoin is currently available on 16 networks, including Ethereum (ETH), Solana (SOL) and Polygon (MATIC). The asset will also appear in Celo soon. However, the exact launch date remains unknown.
According to the press release by Tether, the USDT will be used as the gas payment currency at Celo. According to representatives, this will simplify transactions and increase the efficiency of decentralized applications (dApps) in the L1 network ecosystem.
🗞️@Tether_to‘s USDT To Launch on Celo
Check out @LedesmaLyllah‘s @CoinDesk article for more on the upcoming deployment of native USDT on Celo!↓https://t.co/CDKLvTfMtW
— Celo 🦇 🌳 (@Celo) March 12, 2024
“With USDT coming soon to Celo, users will have even more options for fast, low-cost payments, as well as access to robust stablecoin use cases,” said Celo co-founder Rene Reinsberg.
The partnership will also increase the availability of USDT on mobile devices and in developing countries. The Celo blockchain is mainly aimed at them. For example, the ecosystem has a crypto wallet for residents of Kenya and Ghana, built into the Opera browser.
“At Tether, we are committed to providing affordable and reliable digital currency solutions to users around the world. Using Celo’s unique capabilities, we will be able to further increase convenience and accessibility for millions of people,” emphasized Paolo Ardoino, CEO of the issuer.
More expansion, but it’s still under criticism
In mid-January, the issuer of the largest stablecoin filed an application with the Federal Service for Intellectual Property to register four products. Tether is going to register the trademarks ALLOY BY TETHER, AUSDT, TETHER ALLOY and TETHER USDT.
Last week it became known that the company signed a memorandum of understanding with Uzbekistan. As part of the cooperation, the country’s authorities and Tether plan to develop the blockchain industry and will even develop a digital version of the soum, the national currency of the region.
Meanwhile, JPMorgan analysts argue that the stablecoin issuer threatens the entire market. According to them, Tether does not have full compliance with all regulations and a high level of transparency. Unflattering comments regarding USDT were also made by the United Nations (UN).
