Celo Competes with Tron for Top Spot in Active Stablecoin Addresses

SUMMARY

Celo is challenging Tron in daily active addresses engaging with stablecoins.
The CELO token saw a 20% surge on Wednesday.

Celo, an Ethereum layer 2 blockchain ecosystem outlined for mobile-first decentralized applications and smart contracts, is effectively challenging Tron for dominance in daily active addresses that utilize stablecoins. Recent information from Artemis shows that Celo’s seven-day moving average of daily active addresses associated with stablecoins has surged to roughly 700,000, bringing it near to Tron’s performance in this area. This critical increment follows Tether’s strategic decision to deploy its leading dollar-pegged stablecoin, USDT, on the Celo network in March. Since that launch, more than $200 million worth of USDT has been issued on Celo, underscoring the developing interest in this platform.

In addition to its stablecoin endeavors, Celo has also collaborated with Opera to present MiniPay, a mobile-first non-custodial stablecoin wallet built on its blockchain. This innovative wallet encourages instant fund transfers utilizing just a phone number, making it simpler for clients to engage in digital transactions. Within less than five months of its launch, MiniPay has effectively gathered over 1 million clients across several African countries, including Nigeria, Ghana, and Kenya, according to a representative from Celo who communicated this data to CoinDesk.

Celo’s recent progress has not gone unnoticed by key figures in the cryptocurrency community. Ethereum co-founder Vitalik Buterin recently communicated his support for Celo’s headways on X, which has helped to galvanize investor intrigued in the CELO token. As of the most recent information, CELO is trading at roughly 63 cents, representing a nearly 20% pick up over the past 24 hours. This rise in value reflects the developing optimism encompassing the platform.

Despite these accomplishments, Celo still trails Tron in terms of the total value of stablecoin transfers occurring on-chain this month. Concurring to Artemis, Celo has recorded just over $1 billion in transfer volume, a figure that pales in comparison to Tron’s stunning $335.7 billion. Also, Ethereum continues to hold the top position with over $470.4 billion in transfer volume. As Celo endeavors to set its position in the competitive scene of stablecoins, its focus on portable solutions and key partnerships may play a vital part in its ongoing advancement and client acquisition endeavors.