USDC Integration Boosts Celo’s Stablecoin Portfolio and Gas Payment Options
The Celo Foundation has forged a partnership with Circle to integrate USDC, a leading stablecoin, into its network, potentially designating USDC as an official gas currency on the blockchain pending a governance proposal.
Joining Celo’s stablecoin offerings alongside Mento’s Creal and Exof, pegged to the Brazilian real and West African franc, respectively, USDC’s integration aims to enrich digital currency functionality for everyday transactions. Celo, an Ethereum Virtual Machine (EVM)-compatible blockchain, emphasizes real-world applications, with USDC integration reflecting a broader trend of stablecoins as vital assets, offering financial inclusivity and access.
USDC’s inclusion augments Celo’s stablecoin applications spanning remittances, savings, lending, aid distribution, and peer-to-peer transactions, while also enabling stablecoin payment of network gas fees. Isha Varshney, Head of Strategy and Innovation at the Celo Foundation, and Shamus Noonan, Senior Manager of Business Development at Circle, expressed optimism about the partnership’s potential to expand access to USDC and leverage Celo’s mobile-first user base in high blockchain adoption regions.
Clever Robot News Desk 3rd February 2024
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