Tether Revolutionizes Crypto Microtransactions: Introducing USDT on Celo Network with Sub-Cent Fees!

Tether, a prominent stablecoin operator, is expanding the reach of its USDT stablecoin by partnering with the Celo network. Celo, an Ethereum Virtual Machine (EVM)-compatible layer-1 network focused on fast and cost-efficient payments, is expected to offer USDT users notably low transaction fees, as low as $0.001, facilitating microtransactions.

Celo Enhances Global Payments Mission with Ethereum L2 Transition and USDT Integration

Celo, launched in April 2020, has been committed to providing fast and low-cost payments globally. Transitioning to an Ethereum L2 ensures the maintenance of low gas fees, aligning with Celo's mission of promoting global prosperity.

The introduction of USDT to the Celo ecosystem diversifies the platform's stable assets, which includes Mento's eXOF and the cREAL. These stable assets play a crucial role in supporting various financial activities such as remittances, savings, lending, and cross-border payments.

Celo Welcomes Tether USDT: Fast, Low-Cost Payments and Expanded Stablecoin Use Cases

Rene Reinsberg, Celo co-founder and foundation president, expressed excitement about welcoming Tether USDT to the Celo ecosystem. He emphasized the benefits for users seeking fast, low-cost payment options, as well as the expansion of stablecoin use cases benefiting people globally.

The official issuance date of USDT on the Celo blockchain was not disclosed by Tether representatives. However, this move adds Celo to the list of 14 other blockchains supported by Tether, including Tron, Ethereum, Solana, and Avalanche. Tron and Ethereum currently host the majority of USDT circulation.

Celo's Rising Importance: Tether USDT and USDC Integration Amid Ethereum Gas Fee Concerns

The integration with Celo comes amidst concerns over rising Ethereum network fees, particularly affecting Ethereum-based USDT transactions. The Celo network's EVM compatibility provides a semblance of independence from Ethereum's volatile gas fees, offering an alternative solution.

Tether's move to integrate with the Celo network coincides with its major competitor, the Circle-issued USD Coin (USDC), also joining Celo. This marks a significant period of growth and diversification for stablecoins on the platform.