Ethereum

Celo

Ethereum co-founder Vitalik Buterin, who is following developments on the Celo blockchain, endorsed a recent milestone in the use of stablecoins on the platform.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/vitalik-buterin" rel="null" target="null" text="null" title="null">Buterin</a> took to X on Sept. 25 to praise Celo for surpassing Tron in daily active addresses for stablecoins.
“This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction,” he said. 
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 <img alt="Vitalik Buterin endorses Celo for beating Tron in stablecoin addresses" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922865-9fd7-7572-af9c-7c73a37e59d5">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/VitalikButerin/status/1838809754002690403" rel="null" target="null" text="null" title="https://x.com/VitalikButerin/status/1838809754002690403">Vitalik Buterin</a>
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<h2 id="strong-celo-s-alfajores-testnet-to-upgrade-to-ethereum-l2-on-sept-26-strong">Celo’s Alfajores testnet to upgrade to Ethereum L2 on Sept. 26</h2>
In the post, Buterin mentioned that Celo is set to transition from a standalone <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/what-is-an-ethereum-virtual-machine-evm-and-how-does-it-work" rel="null" target="null" text="null" title="null">Ethereum Virtual Machine (EVM)-compatible</a> layer-1 blockchain to an Ethereum layer 2.
The transition would mark Celo’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology" rel="null" target="null" text="null" title="null">shift from a base blockchain protocol</a> to a third-party protocol that is built to improve network capabilities and have integrated functionality with the base blockchain.
As part of Celo’s L2 shift, <a data-ct-non-breakable="null" href="https://forum.celo.org/t/clabs-proposal-for-celo-to-transition-to-an-ethereum-l2/6109" rel="null" target="null" text="null" title="null">proposed</a> by core Celo developer cLabs in July 2023, Celo is currently operating two L2 testnets, including Dango, which <a data-ct-non-breakable="null" href="https://forum.celo.org/t/introducing-dango-l2-celo-testnet/8313" rel="null" target="null" text="null" title="null">launched</a> in July 2024, and Alfajores, which is expected to be upgraded to L2 on Sept. 26.
<h2 id="strong-celo-is-closely-connected-with-the-ethereum-ecosystem-strong">Celo is closely connected with the Ethereum ecosystem</h2>
“Celo’s evolution from an L1 EVM-compatible chain to an L2 solution marks a significant milestone in our ongoing relationship with the Ethereum ecosystem,” Celo <a data-ct-non-breakable="null" href="https://docs.celo.org/cel2" rel="null" target="null" text="null" title="null">said</a> in a post dedicated to the network’s shift to L2.
The shift will bring a number of benefits in terms of bridging Celo and Ethereum, which were not previously possible, Celo noted, adding:
“Becoming an L2 not only aligns Celo more closely with Ethereum’s expansive network but also empowers our community to innovate with greater confidence and reach.”
On Sept. 23, cLabs <a data-ct-non-breakable="null" href="https://app.t2.world/article/cm1eqxyh8151217321mcesuw528v" rel="null" target="null" text="null" title="null">described</a> Celo as a “cultural extension” of Ethereum, referring to Buterin’s <a data-ct-non-breakable="null" href="https://vitalik.eth.limo/general/2024/05/29/l2culture.html" rel="null" target="null" text="null" title="null">post</a> in May titled “Layer 2s as cultural extensions of Ethereum.”
While Celo’s code <a data-ct-non-breakable="null" href="https://docs.celo.org/overview" rel="null" target="null" text="null" title="null">has</a> shared ancestry with Ethereum and maintains full EVM compatibility for smart contracts, it differs from Ethereum in several areas, including blockchain wallets, as Celo exists on an independent blockchain.
<h2 id="strong-major-stablecoins-like-tether-and-usdc-integrated-celo-support-in-2024-strong">Major stablecoins like Tether and USDC integrated Celo support in 2024</h2>
The Celo blockchain has seen a significant surge in adoption by major stablecoin operators in 2024.
Circle, the operator of the second-largest stablecoin, USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="null" target="null" text="null" title="null">USDC</a>), <a data-ct-non-breakable="null" href="https://www.circle.com/blog/usdc-now-available-on-celo" rel="null" target="null" text="null" title="null">launched the first USDC tokens</a> on Celo in February. The stablecoin has since amassed $40 million in supply issued on Celo, <a data-ct-non-breakable="null" href="https://www.circle.com/en/multi-chain-usdc" rel="null" target="null" text="null" title="null">according</a> to the official USDC data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tether-usdt-stablecoin-market-share-crypto" rel="null" target="null" text="null" title="null">Tether USDT’s market share rises 20%, reaching 75% in two years</a>
Tether, the largest stablecoin operator by market cap, officially <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tether-stablecoin-usdt-celo-blockchain" rel="null" target="null" text="null" title="null">announced Celo integration</a> for its USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) stablecoin in March. <a data-ct-non-breakable="null" href="https://tether.to/en/transparency/?tab=usdt" rel="null" target="null" text="null" title="null">According</a> to Tether Transparency, there are $209 million Celo-based USDT tokens in circulation as of Sept. 25.
The amount accounts for 0.18% of Tether’s total USDT in circulation. 
<figure>
 <img alt="Vitalik Buterin endorses Celo for beating Tron in stablecoin addresses" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922861-ce95-7e1e-934c-df784ff9d98f">
 <figcaption style="text-align: center;">
 Celo-based Tether (UDST) in circulation. Source: Tether Transparency
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According to the blockchain data provider Artemis.xyz, Celo <a data-ct-non-breakable="null" href="https://x.com/artemis__xyz/status/1835690553012588876" rel="null" target="null" text="null" title="null">surpassed</a> the Tron blockchain in terms of daily active addresses for stablecoin usage in September 2024.
Artemis’ analysts suggested that apps like Minipay and Valora significantly <a data-ct-non-breakable="null" href="https://x.com/artemis__xyz/status/1835690665545736449" rel="null" target="null" text="null" title="null">contributed</a> to the rise of stablecoin adoption. After launching in 2023, Minipay alone amassed 3 million activated wallets by July 2024.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/lady-of-crypto-bull-market-plans-2025-hall-of-flame/" rel="null" target="null" text="null" title="null">Lady of Crypto will be ‘all out of crypto’ by September 2025: X Hall of Flame</a>

Vitalik Buterin endorses Celo for beating Tron in stablecoin addresses

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