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.
“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.