Simply put
- Tether’s USAT stablecoin was launched on the Celo blockchain, the first extension beyond Ethereum.
- Google Cloud provides infrastructure support for the stablecoin distribution system.
- Privacy-preserving faucets allow authenticated users to access USAT tokens through proof of humanity.
Tether announced on Tuesday that the USAT stablecoin Extend to Celo blockchain, Ethereum Layer 2 scaling network. This marks the first deployment of a regulated digital dollar beyond the Ethereum mainnet.
The launch brings USAT, a stablecoin issued by Anchorage Digital and targeted to the US market, to Celo, with Google Cloud providing infrastructure support alongside plans for the stablecoin to function as a gas currency on a layer 2 network.
“Used by over 566 million people worldwide $USDT It is used as a reliable way to access and move dollars, especially in markets where traditional financial infrastructure is inadequate. “Expanding USAT to Celo will build on that foundation by bringing regulated digital dollar infrastructure to one of today’s most active on-chain economies,” Tether CEO Paolo Ardoino said in a statement.
“In this way, we continue to expand access to trusted, programmable money globally,” he added. “The key now is to make sure that people have access to these systems in the environments where they already trade every day.”
Celo has significant mobile reach through 14 million Opera MiniPay wallet users worldwide. Rene Reinsberg, Celo’s co-founder and CEO, called the launch “a powerful validation of the infrastructure we’ve spent years building,” highlighting Tether’s selection of Celo for USAT’s initial Layer 2 deployment. First rollout in January on Ethereum.
The technical implementation includes a mainnet faucet system that allows authenticated users to access USAT through privacy-preserving proof of humanity authentication developed by Self and Google Cloud. After implementation, Celo Governance will begin the process of enabling USAT as a gas currency on the network.
“By bringing USAT to Opera MiniPay’s millions of mobile-first users, we are demonstrating what next-generation financial access looks like: trusted, compliant, and instantly available,” Celo co-founder Rene Reinsberg said in a statement.
Deloitte conducted the following First USAT Certification Reportdocuments released earlier this month revealed that as of January 31, the company held $17.6 million in reserves, consisting of cash and U.S. Treasuries, and backed approximately $17.5 million in tokens.
Tether flagship $USDT The industry-leading stablecoin, with a market capitalization of $184 million, has never received a full independent audit from any of the “big four” accounting firms. However, last week Tether said: Signed for audit with any companyhe said, but did not say which companies would do it. after that financial times the report said KPMG conducts the audit.
