Circle Collaborates with Celo Network to Expand USDC Issuance

Circle brings USDC stablecoin to the Celo network, enhancing Ethereum Layer 2 scalability and mobile-centric accessibility.

Circle, the entity behind major stablecoins like USDC and EURC, has announced its decision to introduce its USD-pegged stablecoin on the Celo network. Notably, Celo, initially an EVM-compatible Layer 1, is in the process of evolving into an Ethereum Layer 2 scaling solution.

Advertisement
Advertisement

Celo’s Progressive Transition

Celo, recognized for its robust scalability features, has been on a transformative journey. Under the guidance of cLabs, the network embarked on this evolution in July, receiving a strong affirmative nod from its community. Consequently, this transition signifies a pivotal shift, aligning Celo more closely with the Ethereum ecosystem.

Advertisement
Advertisement

Circle’s Strategic Deployment

The integration of USDC onto the Celo network marks a significant milestone. Shamus Noonan, Circle’s Senior Manager of Business Development, expressed enthusiasm about the collaboration. He highlighted the synergy between Circle’s aim to widen USDC accessibility and Celo’s commitment to delivering swift, economical payment solutions. Moreover, this partnership capitalizes on Celo’s mobile-centric approach, particularly in areas where blockchain technology enjoys robust adoption.

An upcoming governance vote introduces another layer of anticipation. The proposal on the table suggests designating USDC as the official gas currency for the Celo network. This move, if ratified, will further cement the stablecoin’s utility and integration within the Celo ecosystem. Concurrently, Celo’s native token (CELO) has been in a positive rally in the last 24 hours, with bulls recording an intra-day high of $0.6897 as of press time.

Advertisement
Advertisement

Broadening Horizons

This collaboration between Circle and Celo is more than a mere token integration. It signifies a confluence of visions, aiming to harness the strengths of both entities. Circle, with its reputable stablecoin offerings, and Celo, with its scalable, mobile-first infrastructure, are set to redefine accessibility and efficiency in the blockchain space.

Moreover, this initiative reflects a broader trend where networks increasingly seek interoperability and strategic alliances. Such collaborations are pivotal for the entities involved and the broader blockchain and cryptocurrency domain. They pave the way for enhanced utility, greater inclusivity, and more seamless user experiences worldwide.

Read Also: Crypto Funding Expands With Uncorrelated Ventures’ New Fund; Is Market Back in Black?

Advertisement
Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.