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Circle to launch USDC stablecoin on Celo blockchain network

circle-to-launch-usdc-stablecoin-on-celo-blockchain-network
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Circle to launch USDC stablecoin on Celo blockchain network

Circle is set to launch its U.S. Dollar-pegged stablecoin, USDC, on the Celo blockchain network.

Initially a standalone blockchain network, Celo is transitioning to become a part of the Ethereum network as a Layer 2 scaling solution, aiming to improve its performance and capacity.

https://twitter.com/circle/status/1752330912036204733?s=46&t=z-3qPWdjSvlm0gpO8OOLdQ

โ€œCircle is proud to join the mission-driven Celo ecosystem as a blockchain thatโ€™s known for providing fast, low-cost payments worldwide,โ€ Shamus Noonan, Senior Manager of Business Development at Circle, said in a statement. โ€œThis partnership will help broaden access for USDC and leverage Celoโ€™s mobile-first user-base in regions where blockchain adoption is highest.โ€

Celo began as a Layer 1 network, compatible with the Ethereum Virtual Machine (EVM). CLabs proposed the change to a Layer 2 protocol, Celoโ€™s development team, and supported by a majority vote in July. The shift intends to improve Celoโ€™s functionality using Ethereumโ€™s established system.

Celoโ€™s own currency, CELO, is currently valued at $0.683, showing a small increase of 3.5% in the last 24 hours.