Circle to Issue Its Stablecoin USDC on Celo Network to Boost RWA Capabilities
Summary
Stablecoin issuer Circle has expanded the native issuance of its $26 billion stablecoin USDC to the Celo network. This move aims to enhance cross-border payments and peer-to-peer transactions in developing regions by facilitating conversion from local currencies. CLabs, an organization dedicated to Celo ecosystem development, plans to propose a community vote to allow transaction fees to be paid with USDC stablecoin. This expansion aligns with Celo's growing focus on tokenizing real-world assets such as bonds and credit on blockchains and using stablecoins for settlements. Celo is currently transitioning from its standalone blockchain to become an Ethereum-based layer 2 network.
