With insights from an announcement made by Celo Foundation, Circle’s USD Coin (USDC $1.00) will launch natively on the Celo blockchain. Minting USDC on the blockchain is expected to boost Celo’s use cases for real-world assets and enhance USDC’s convertibility into fiat currencies, stated Cointelegraph.
USDC will join Celo’s native proof-of-stake governance token CELO (CELO $0.65), as the blockchain transitions from an Ethereum Virtual Machine-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.
“This partnership will help broaden access for USDC and leverage Celo’s mobile-first user-base in regions where blockchain adoption is highest,” Shamus Noonan, senior business development manager, Circle, explained.
It is believed that the integration of USDC can enable institutional and enterprise users to use the Circle Mint on/off-ramp. Furthermore, this will enable greater activity on Celo, the Celo Foundation mentioned, Cointelegraph concluded.
(With insights from Cointelegraph)
