Circle plans to introduce USDC, a stablecoin pegged to the US dollar, to the Celo blockchain network.
To enhance its capacity and performance, Celo, a blockchain network that operated independently at first, is joining the Ethereum network as a Layer 2 scaling solution.
“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.”
Initially, Celo operated as a Layer 1 network that was Ethereum Virtual Machine (EVM) compliant. The transition to a Layer 2 protocol was suggested by CLabs, the development team of Celo, and approved by a majority vote in July.
With this change, Celo will perform better thanks to Ethereum’s well-established system. Celo’s currency, CELO, is currently $0.683, indicating a 3.5% growth over the previous day.
