Tether USAT stablecoin launches on Celo with mint/burn

Tether's regulated U.S. dollar stablecoin, USAT, has launched on the Celo blockchain, marking its first expansion beyond the Ethereum network. The deployment, which became operational on March 31, introduces native minting and burning capabilities for the token on Celo, a network with a significant user base in mobile payments across emerging markets.

The launch enables users to create and redeem USAT directly on Celo without relying on third-party bridges from Ethereum, a move designed to reduce technical and custody risks. The integration also includes a planned feature allowing users to pay Celo network transaction fees directly with USAT, pending final governance approval. This functionality, known as fee abstraction, aims to lower barriers for new users who would otherwise need to acquire the network's native CELO token.

Tether USA CEO Bo Hines stated that expanding USAT to Celo was a deliberate decision, citing the network's established scale in digital dollar transactions. Celo has become a major distribution channel for Tether's flagship stablecoin, USDT, accounting for 28 percent of cross-blockchain USDT transfers and hosting over 4.2 million weekly active users of that...