Circle will launch USDC on the Celo network

Quick Take

  • Stablecoin issuer Circle will launch USDC on Celo, an EVM-compatible Layer 1 that’s transitioning into an Ethereum Layer 2 scaling protocol. 
  • An imminent governance vote will determine if USDC should become Celo’s official gas currency. 

Circle, issuer of the stablecoins including USDC and EURC, will launch its USD-pegged stablecoin on Celo, the Layer 1 that's transitioning into an Ethereum Layer 2 scaling network.

In addition to natively launching the token, an imminent governance vote will determine if USDC will act as Celo's official gas currency. 

"Circle is proud to join the mission-driven Celo ecosystem as a blockchain that's known for providing fast, low-cost payments worldwide," Shamus Noonan, Senior Manager, Business Development at Circle, said in a statement. "This partnership will help broaden access for USDC and leverage Celo's mobile-first user-base in regions where blockchain adoption is highest."

Celo's transition to Layer 2

Celo started out as an EVM-compatible Layer 1 with a focus on scalability. However, cLabs, the firm developing Celo, proposed to transition the network into an Ethereum Layer 2 scaling protocol in July, with a majority in-favor vote passing the proposal toward the end of the same month. 

Celo's native token CELO traded hands at $0.67 as of 4:15 p.m. ET on Jan. 29, rising 2% over the previous 24 hours, according to The Block data


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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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