Tether USAT Stablecoin expands beyond the Ethereum Mainnet to include Celo

On Tuesday, Tether announced the launch of its stablecoin USAT It has been expanded to include the Celo blockchainthat Ethereum Layer 2 scaling network, marking the first deployment of a regulated digital dollar outside of the Ethereum mainnet.

This launch brings USAT – a stablecoin issued by Anchorage Digital and aimed at the US market – to Celo, with Google Cloud providing infrastructure support along with plans for the stablecoin to serve as a gas coin on the Layer 2 network.

“More than 566 million people globally use USDT as a reliable way to access and move dollars, especially in markets where traditional financial infrastructure is deficient. USAT’s expansion into Celo builds on this foundation by bringing regulated digital infrastructure for dollars to one of the most active on-chain economies today,” said Paolo Ardoino, CEO of Tether, in a statement.

“This is how we continue to expand access to trusted, programmable money on a global scale,” he added. “What matters now is ensuring these systems are accessible in the environments people actually interact with every day.”

Celo offers significant mobile reach with 14 million Opera MiniPay wallet users globally. Celo co-founder and CEO Rene Rensburg described the launch as “a powerful validation of the infrastructure we have spent years building,” highlighting Tether’s selection of Celo for USAT’s first Layer 2 deployment following its launch. January IPO On Ethereum.

The technical implementation includes a mainnet faucet system that enables verified users to access USAT through privacy-preserving Proof of Humanity verification developed using Self and Google Cloud. After deployment, Celo management will begin the process of enabling USAT as a gas currency on the network.

“By bringing USAT to millions of Opera MiniPay users mobile-first, we are showing what the next generation of financial access looks like: trusted, compliant and instantly available,” Celo co-founder Rene Rensberg said in a statement.

Deloitte did First USAT Certification Reportwhich was released earlier this month, shows that the company had $17.6 million in reserves — comprised of cash and U.S. Treasury securities — backing about $17.5 million in tokens as of January 31.

Tether’s flagship USDT stablecoin, which leads the industry with a market capitalization of $184 million, has not undergone a full independent review by one of the “Big Four” accounting firms. However, last week, Tether said it had done so Sign a company to conduct an auditBut it did not reveal the company that would do this. suffix Financial Times The report said KPMG will conduct the audit.