Circle USDC token will be native on the Silo blockchain, pay for gas.

The Celo Foundation has announced that Circle's USD Coin (USDC) will launch as a nation on the Celo Blockchain. Issuing USDC on the blockchain increases silo issues for real-world assets and increases the ability to convert USDC to fiat currency.

As the blockchain transitions from the Ethereum Virtual Machine-compatible Layer-1 chain to the Ethereum Layer-2 protocol, USDC will join Celo's native proof-of-stake management token CELO (CELO). The Shiloh community will vote on the next proposal to make USDC the ecosystem's gas currency.

Mento Lab has already launched the cUSD stablecoin on Celo, as well as stablecoins such as cEuro, cREAL (pegged to the Brazilian real) and eXOF (pegged to the West African CFA franc).

Cello positions itself as part of a new financial movement and is carbon-neutral and mobile-first. Emphasizes mobile technology to improve user experience in developing economies. Opera's web platform launched its minipay wallet on Cello in September for African users. Shamus Noonan, Club's Senior Business Development Manager, said in a statement:

“This partnership will help expand USDC's reach and leverage Cello's mobile-first user base in regions where blockchain adoption is high.”

The USDC integration will allow institutional and enterprise users to access the Circle Mint on/off-ramp, enabling greater mobility on Celo, the Celo Foundation said.

Related: Wallets with USDC stablecoin in 2018 By 2023, circulation has decreased but increased by 59%.

USDC is the second largest stablecoin after Tether (USDT) with a market cap of $26.5 billion and a market cap of $96.1 billion. In mid-January, it was reported to be the first public offering in the United States.

1/ Native $USDC is coming to @Celo!

Celo is a mobile-first and EVM-compatible blockchain network built for the real world and designed for fast, low-cost payments globally.

Explore what USDC means for the ecosystem on Celo. https://t.co/ctUn9yWLDb

— Circle (@circle) January 30, 2024

Circle is expanding its global reach. In December, it was granted conditional registration in France as a virtual assets service provider. A month ago, it partnered with Japanese financial services firm SBI to introduce USDC in that country. Since 2020, it has partnered with international payment processor Visa and expanded its collaboration using USDC, which was issued on Ethereum and Solana in September.

Circle has come under fire for alleged links to money laundering — a charge it denies.

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