Leading financial technology company Circle said that developers and users may now access USDC on Celo without bridging. The CELO token has gained 9% in value as a result of this launch.
The transaction was made public earlier this week by San Francisco-based financial services firm Cricle. It makes it possible to access the regulated US dollar stablecoin on Celo’s mainnet, doing away with the requirement to bridge assets between chains.
Financial success is meant to be facilitated by Celo’s focus on practical applications and rapid, affordable international payments, as well as its compatibility with the Ethereum Virtual Machine and mobile-first approach. More than 1,000 initiatives and 150 countries make up its ecosystem.
By simplifying the USDC on Celo procedure for businesses, Circle Mint’s APIs facilitate connections and do away with the requirement for outside bridging solutions. It is expected that this initiative would improve USDC’s usability and accessibility on blockchain systems.
Developers and customers now have more opportunities to benefit from USDC’s rapid settlement speed and liquidity thanks to the integration of USDC into Celo, which improves the blockchain’s stablecoin solutions in areas like payments, savings, lending, and remittances.
Thanks to Celo’s technology, which uses stablecoins for payments and transaction fees, people all around the world may now more easily access financial services and cryptocurrencycurrency payments.
In order to advance financial inclusion, Circle and Celo have partnered to manage over $100 billion in transactions yearly and offer assistance to numerous international projects. For many DeFi and payment applications, USDC is advantageous because it is open-source and can be safely handled by any program.
There has been emphasis on the possibility of USDC on Celo to facilitate low-cost transfers, ongoing trading, and the creation of savings accounts apart from traditional banking institutions.
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