Celo Network Welcomes USDC Stablecoin Issuance to Enhance Payment Systems

By: Isha Das

Circle's USD Coin (USDC) is expanding its reach to the Celo Network, a move designed to enhance peer-to-peer transactions and cross-border payments. This transition represents a significant growth for USDC which has increased by approx. 2 billion, equivalent to an 8% rise from the start of the year.

The integration of the USDC will further streamline the functionalities of the Celo Network. A community vote, proposed by CLabs, is also being considered to allow transaction fees payment using USDC. In their transformation into an Ethereum Layer 2 network, Celo aims to position itself as a premier ecosystem for stablecoins. They already have a diverse ecosystem with over 1,000 projects spanning 150 countries and partnerships with key enterprises such as Deutsche Telekom, Google Cloud, and Opera.

The recent surge in USDC supplies is, in part, due to Solana-based USDC's contributions to the highest stablecoin transfer volumes in over a year. Positive market sentiments, recent launch of several spot Bitcoin exchange-traded funds (ETFs) and plans to go public via an initial public offering filing with the U.S. Securities and Exchange Commission have also contributed to this stablecoin popularity.