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Circle to launch USDC stablecoin on Celo blockchain network

Brian Stone
Edited by
News
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

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

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

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