The hookup between Celo and Circle will benefit both sides as Celo continues to advance real-world use cases and Circle expands its reach.
Circle’s USD Coin (USDC) will launch natively on the Celo blockchain, the Celo Foundation has announced. Minting USDC on the blockchain will boost Celo’s use cases for real world assets and enhance USDC’s convertibility into fiat currencies.
USDC will join Celo’s native proof-of-stake governance token CELO (CELO) as the blockchain transitions from an EVM-compatible layer-1 chain to an Ethereum layer-2 protocol. The Celo community will vote in an upcoming proposal on making USDC the gas currency for the ecosystem.
Mento Lab already issues the cUSD stablecoin on Celo, as well as other stablecoins such as the cEuro, cREAL pegged to the Brazilian currency and eXOF pegged to the African CFA franc.
