TL; DR
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Celo is on its way to becoming the ‘Visa/Mastercard’ of stablecoin payments, making them cheap, accessible and hands-off (across all major chains).
Full story
$USDT launches on Celo — which may seem like déjà vu, cause $USDc only launched there two weeks ago.
Here’s why we’re strangely intrigued by something as boring as stablecoin integrations:
It seems like Celo is trying to become the Visa (or Mastercard) of stablecoin payments – i.e. cheap, accessible and hands-off.
Celo is specifically designed for fast and cheap payments on Ethereum (this and every other layer 2 out there).
So many people are working on it because right now if you buy anything with $USDT on the main Ethereum network you’re paying a criminal amount of transaction fees.
Think: somewhere between $50 and $500.
If you did the same through Celo, you would pay approximately $0.001 for that same transaction, regardless of the price of ETH. Better yet, it does it for you in any $USDT-friendly blockchain (like Tron, Solana, Avalanche, and Omni). ).
“Cool, so, will this affect me??” – you probably.
Yes, that will probably be the case.
If you use crypto, you and Celo (or something like that) will eventually cross paths.
Because if crypto catches on as a universal payment method, the most common form will be some kind of stablecoin.
A network like Celo essentially says to consumers:
“We don’t care what kind of stablecoin you own, or what blockchain you’re trying to transfer – we’ll make sure it gets where it needs to go, no matter what.”
(Which is a standard in fiat debit/credit payments, which crypto has yet to meet).
Noise!