TL;DR
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Celo is on a path to changing into the ‘Visa/Mastercard’ of stablecoin funds, making them low-cost, accessible, and hands-off (throughout all main chains).
Full Story
$USDT is launching on Celo — which can really feel like déjà vu, trigger $USDC launched there simply two weeks in the past.
Right here’s why we’re weirdly intrigued by one thing as boring as stablecoin integrations:
It appears like Celo is making an attempt to turn out to be the Visa (or Mastercard) of stablecoin funds — i.e. low-cost, accessible, and hands-off.
Celo is designed particularly for quick and low-cost funds on Ethereum (them and each different layer 2 on the market).
So many people are engaged on it, trigger proper now, should you purchase one thing utilizing $USDT through the principle Ethereum community – you’re going to be paying a legal quantity of transaction charges.
Suppose: wherever between $50 and $500.
In case you did the identical factor through Celo, you’d pay round $0.001 for that very same transaction, no matter ETH’s value – in actual fact, it’ll do it for you throughout any $USDT pleasant blockchain (like Tron, Solana, Avalanche and Omni).
“Cool, so, is that this gonna have an effect on me??” — you, most likely.
Yeah, it probs will.
In case you use crypto, you and Celo (or one thing prefer it) will ultimately cross paths.
Trigger if crypto goes to catch on as a common fee technique — the commonest type can be some type of stablecoin.
A community like Celo basically says to shoppers:
“We don’t care what sort of stablecoin you’re holding, or which blockchain you’re making an attempt to ship it throughout — we’ll ensure it will get to the place it must go, regardless.”
(Which is a regular in fiat debit/credit score funds, that crypto is but to fulfill).
Noice!