Stablecoin issuer Circle is launching the USDC stablecoin on the Celo blockchain. The venture brings more utility to Celo and will allow Circle to expand its scalability. Celo Foundation has issued a notification that Circle is planning to launch the USDC stablecoin natively on the Celo blockchain.
USDC will Go Native on Celo Network
In this manner, Circle will be able to mint USDC on the Celo network adding a real-world use case and improving the convertibility of USDC into fiat currencies.
USDC will become a proof-of-stake governance token. The Celo blockchain will transition from the Ethereum Virtual Machine (EVM) layer-1 chain to the layer-2 protocol. The Celo community will participate in the voting session on a proposal about making USDC a gas payment token for the ecosystem.
Mento Lab has issued cUSD stablecoins on the Celo network in addition to other stablecoins such as cEuro, cReal, and cXof.
Celo Blockchain Operates as a Green-centric Product
Celo blockchain has been operating as part of the regenerative finance movement. The network has utilized technologies to introduce carbon-neutral and mobile-first features. The mobile tech improves user experience in areas that are economically under development.
Meanwhile, Opera launched MiniPay wallet on the Celo blockchain in September for African smartphone users.
Shamus Noonan, the senior business development manager at Circle notes that the venture will broaden USDC access. He further stated that it will access the mobile-first approach of Celo as first user-based in areas where blockchain utility is recorded as highest.
At the same time, USDC’s partnership will allow institutional and enterprise utility to Circle minting operations at on and off-chain levels. Celo Foundation believes that this change will bring more traffic to the network.
Circle’s Global Expansion
Circle has continued to expand the global integration and add scalability to the stablecoin project. The project introduced a conditional registration option in December to operate as a virtual asset services provider in France.
In January, the project worked with the Japanese regulatory agency SBI to launch USDC stablecoin in the region. The official social media account of Circle posted the update regarding introducing USDC as a native coin at Celo. The notification informed its users about real-world utility and tailored design for low and fast international payment options for all users.
The project has also joined hands with VISA for a global payments partnership in 2020. At the same time, it signed business contracts with Ethereum and Solana blockchain network in September to issue USDC stablecoin.
Circle received some criticism and regulatory scrutiny for alleged money laundering charges. However, the stablecoin issuer has denied all charges. The project is the second largest stablecoin project in terms of market cap standing at $26.5 billion.
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