Ethereum co-founder Vitalik Buterin has praised the Celo blockchain for reaching a significant milestone concerning the use of stablecoins on the platform.
In an X post on September 25, 2024, Buterin praised Celo for surpassing Tron in daily active addresses for stablecoins. His post was in response to a recent report by the blockchain data provider Artemis.xyz that Celo exceeded the Tron blockchain regarding daily active addresses for stablecoin usage in September 2024.
This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it’s great to see @Celo getting traction.
See also their recent posts:
* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s
*… https://t.co/Qq7vcmZ6e3— vitalik.eth (@VitalikButerin) September 25, 2024
Celo has experienced a significant increase in adoption by major stablecoin operators in 2024. In March 2024, Tether confirmed that the blockchain now supports its flagship stablecoin, USDT. According to the leading stablecoin operator by market cap, there are currently $209 million worth of USDT tokens based on Celo in circulation as of September 25, representing 0.18% of Tether’s overall USDT circulation.
A month before, Circle, the issuer of the second-largest stablecoin, USDC, introduced the USDC tokens on the Celo platform. According to official USDC data, the stablecoin has accumulated a supply of $40 million on Celo since its launch.
Meanwhile, this endorsement comes after the Ethereum co-founder revealed his vision of “cross-chain interoperability” for the Layer 2 scaling solutions on the network. According to his latest post, Celo appears to be moving in line with these goals for decentralization and accessibility.
Buterin highlighted Celo’s transition from a standalone Ethereum Virtual Machine-compatible blockchain to an Ethereum Layer 2 protocol. Notably, Celo is currently running two L2 testnets, Dango and Alfajores. The transition to an L2 solution is expected to offer advantages such as better integration with Ethereum and enabling its community to innovate with more assurance and broader reach.
In the hours following Buterin’s post, there was a slight rally in the blockchain’s native token, CELO, on Binance. There was an increase in trading volumes and a rise in its market price from $0.55 to $0.64.
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