Stablecoin

Celo

USDC

<a href="https://bitcoinworld.co.in/celo-cements-its-stablecoin-allegiance-transaction-fees-now-can-be-paid-with-stablecoins/" title="Celo Cements Its Stablecoin Allegiance: Transaction Fees Now Can Be Paid With Stablecoins" rel="noopener noreferrer nofollow"></a>
Celo, a low-fee, usability-focused blockchain network, has approved a proposal to allow transaction fees to be paid with stablecoins.&nbsp;
Network users can now transact only by holding USDC in their wallets, abstracting the complexity of holding other tokens.&nbsp;
This also benefits newcomers, making it easier for them to make transactions.
<h3 id="span-style-font-weight-400-celo-aims-for-usability-in-stablecoin-gas-push-span">Celo Aims for Usability in Stablecoin Gas Push</h3>
Celo, a low-fee, transaction-focused blockchain, is advancing to become the home for cryptocurrency stablecoins.&nbsp;
After welcoming USDT and USDC as native stablecoins in its platform, seeking to onboard value-aware users, the platform has approved using USDC for paying sub-cent transaction fees.
To achieve this milestone, the Celo community passed a governance proposal that allowed using USDC as a gas token.&nbsp;
This is possible due to the <a href="https://docs.celo.org/learn/add-gas-currency" rel="noopener noreferrer nofollow">options</a> in Celo’s protocol, which presents the possibility for any token to become a gas-paying currency after clearing up some conditions.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/tether-usdt-announced-its-plan-to-run-on-the-celo-network/" aria-label="“Tether (USDT) Announced Its Plan To Run On The Celo Network” (Edit)" rel="noopener noreferrer nofollow">Tether (USDT) Announced Its Plan To Run On The Celo Network</a>
Clabs, the protocol development organization for Celo, had remarked on the relevance of allowing stablecoins to become gas tokens in Celo before.&nbsp;
It stressed that gas payments with these tokens “enable great UX on the protocol level – particularly relevant for real-world applications like (micro) payments.”
At the same time, while enabling these interactions can add “additional complexity on the protocol level”, Clabs acknowledges that this is abstracted on users that benefit from these advancements.
Jeremy Allaire, CEO of Circle, also praised this move. He stated:
“A paradigm for mass scale USDC and stablecoin adoption. Well done Celo community!”
USDT, the largest stablecoin by market cap in the crypto market, is also undergoing the process of becoming a gas token on Celo.&nbsp;
A proposal, <a href="https://twitter.com/Celo/status/1772972405197259063" rel="noopener noreferrer nofollow">drafted</a> on March 18, remarks on the benefits of making USDT a gas token on the Celo blockchain.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 5/ USDT may also be enabled to allow for sub-cent gas fees paid in native USDT <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26fd.png" alt="⛽" class="wp-smiley" style="height: 1em; max-height: 1em;">
 For more information, read <a href="https://twitter.com/cLabs?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cLabs</a>' initial forum post outlining the forthcoming process of making USDT a gas fee currency ↓<a href="https://t.co/rdii1FhRjd" rel="noopener noreferrer nofollow">https://t.co/rdii1FhRjd</a>
 Stay tuned for the governance proposal! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;">
 — Celo <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f987.png" alt="🦇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f333.png" alt="🌳" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Celo) <a href="https://twitter.com/Celo/status/1772972405197259063?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
It states that if passed, it would “greatly enhance the usability of USDT on Celo by allowing users to receive USDT in their wallet and engage in transactions without holding additional tokens.”
What do you think about Celo’s initiative of using stablecoins to pay for transaction fees? Tell us in the comments section below.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
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The post <a href="https://bitcoinworld.co.in/celo-cements-its-stablecoin-allegiance-transaction-fees-now-can-be-paid-with-stablecoins/" rel="noopener noreferrer nofollow">Celo Cements Its Stablecoin Allegiance: Transaction Fees Now Can Be Paid With Stablecoins</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Celo Cements Its Stablecoin Allegiance: Transaction Fees Now Can Be Paid With Stablecoins

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