- Tether has announced the launch of USDT on a new blockchain.
- The blockchain has an expansive ecosystem spanning over 1,000 projects.
- With the launch, USDT is now available on 16 networks.
USDT issuer Tether announced on Monday plans to launch the stablecoin on “mobile-first” and EVM-compatible blockchain network Celo.
Tether’s expansion to the network comes after USDT recently hit $100 billion market capitalization, solidifying the token’s position as the largest stablecoin in the industry. As of press time, USDT’s market cap stood at $102.3 billion, according to CoinMarketCap data.
USDT to Launch on Celo Blockchain
According to a press release dated March 11, Tether has joined a strategic collaboration with Celo to launch USDT on the blockchain, ushering in a new era of accessibility and utility for digital currency users.
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USDT’s launch on Celo will make the stablecoin accessible to over 1,000 projects across more than 150 countries via the blockchain’s “mobile-first design ethos.” Among the benefits users will enjoy following the launch include sub-cent transaction fees, making microtransactions feasible for all users to spur crypto adoption and financial inclusion.
“The launch of Tether USDT on Celo will mark a significant milestone for both platforms and the broader ecosystem. It underscores the importance of collaboration and innovation in driving the adoption of digital currencies and advancing financial inclusion on a global scale,” the statement read.
As part of the collaboration, Celo core contributors will propose the “innovative use” of USDT as a gas currency on the blockchain to streamline transactions and foster efficiency within dApps, focusing on payments and lending.
This development underpins USDT’s position as the most widely adopted stablecoin available on 16 networks, including Ethereum, Avalanche, Near, Polygon, Solana, Tezos, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
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