Circle, USDC issuer, has announced a partnership with the Celo Foundation to launch USDC natively on the Celo ecosystem. Celo is an EVM supported blockchain. This move aims to advance the everyday adoption of digital currencies and assets, leveraging Celo’s innovative blockchain platform. Earlier this month, Circle introduced v2.2 upgrade for USDC.
USDC Integration with Celo: Advancing Financial Access and Inclusion
Celo is recognized for its carbon-negative, mobile-first, EVM-compatible blockchain designed for real-world applications. With USDC, a fully reserved stablecoin always redeemable 1:1 for US dollars, users gain access to a stable store of value and seamless payment solutions.
The integration of USDC on Celo unlocks a plethora of use cases. The uses include remittances, savings, lending, peer-to-peer (P2P) transactions, and cross-border payments. Additionally, users will have access to local currencies, such as Mento’s cREAL and eXOF, tracking the value of the Brazilian Real and West African Franc, respectively.
A representative from Circle stated that the partnership between Circle and Celo represented a significant step forward in their shared mission to leverage blockchain technology for a more open, equitable, and connected financial future.
Celo’s rapidly growing ecosystem boasts over 1,000 projects in more than 150 countries, with a strong focus on mobile dApps. Notably, mobile wallets like Valora and Opera MiniPay, along with the ultralight stablecoin wallet in Kenya, Nigeria, and Ghana, have contributed to the platform’s global user base. With stablecoins gaining prominence as dominant real-world assets, the collaboration aims to facilitate broad financial access
Partnership Impact and Future Plans
Isha Varshney, Head of Strategy and Innovation at the Celo Foundation, remarked that the ecosystem was excited to bring more RWAs on-chain through their partnership with Circle and the launch of USDC.
The availability of institutional on-/off-ramps like Circle Mint will further enhance the Celo ecosystem. It will enable institutional customers to engage in on-chain activity and seamlessly convert USDC to and from local currencies.
Shamus Noonan, Senior Manager of Business Development at Circle, added that the partnership would help broaden access for USDC. Moreover, it will leverage Celo’s mobile-first user-base in regions where blockchain adoption is highest.
The proposal for USDC to become an official gas currency for the Celo community underscores the commitment to streamline transactions. Overall, the collaboration between Circle and Celo represents a significant stride towards advancing the adoption of digital currencies.