Circle's USDC Stablecoin Joins Celo Network to Enhance RWA Features

• Circle Extends Native Issuance of USDC Stablecoin to Celo Network
• Enhancing Cross-Border Payments and P2P Transactions
• Proposal to Enable Payment of Transaction Fees with USDC Stablecoin
• Celo: An Essential Infrastructure for Tokenized Real-World Assets
• Quote from Isha Varshney, Celo Foundation
• Celo's Transition from Standalone Blockchain to Ethereum-based Layer 2 Network

Circle Extends Native Issuance of USDC Stablecoin to Celo Network

Circle, a notable stablecoin issuer, has expanded the native issuance of its $26 billion stablecoin, USDC, to the Celo network. This significant development was announced on Tuesday by the Celo Foundations.

Enhancing Cross-Border Payments and P2P Transactions

The extension of USDC to the Celo network aims to enhance peer-to-peer transactions and cross-border payments, particularly in the developing regions. This will facilitate the conversion from local currencies into digital currencies.

Proposal to Enable Payment of Transaction Fees with USDC Stablecoin

CLabs, an organization committed to the development of the Celo ecosystem, intends to propose a community vote. This proposal would enable the payment of transaction fees, also known as gas, with USDC stablecoin.

Celo: An Essential Infrastructure for Tokenized Real-World Assets

The expansion of USDC to Celo comes at a time when Celo is striving to become a vital infrastructure for tokenized real-world assets (RWA). This involves placing traditional investments such as bonds and credit in a tokenized form on blockchains and using stablecoins for settlements. Recent expansions to the network include RWA-focused marketplace Untangled Finance and credit platform Huma.

Quote from Isha Varshney, Celo Foundation

Isha Varshney, the head of strategy and innovation at the Celo Foundation, expressed excitement about bringing more RWAs on-chain through their partnership with Circle and the launch of USDC on Celo. In a statement, she noted, We aim to be the best ecosystem for stablecoins, a goal that has been validated by growing use cases within the industry as institutional investors integrate into Web3.

Celo's Transition from Standalone Blockchain to Ethereum-based Layer 2 Network

Currently, Celo is undergoing a transition from its standalone blockchain to becoming an Ethereum$2,315 -2.42%-based layer 2 network.

Edited by Jonathan Stoker