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Vitalik Buterin, co-founder of Ethereum, has recognized the Celo blockchain for surpassing Tron in daily active stablecoin addresses, marking a significant milestone in stablecoin adoption. On September 25, Buterin praised Celo for this achievement, noting how it aligns with Ethereum’s mission to improve global access to financial services and payments.
Celo’s Alfajores testnet is set to upgrade to Ethereum Layer 2 (L2) on September 26, as part of Celo’s transition from a standalone Layer 1 (L1) blockchain to an Ethereum-integrated L2 solution. This shift is a major step for Celo, bringing it closer to the Ethereum ecosystem and allowing for improved interoperability and network capabilities.
In July 2023, Celo’s core developer, cLabs, proposed this move, and the platform now operates two L2 testnets, Alfajores and Dango. The transition will enhance Celo’s compatibility with Ethereum while retaining its own unique attributes, like its independent blockchain wallet systems.
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Celo has gained significant attention in 2024 due to its growing integration with major stablecoins. Circle, the operator of USDC, launched support for USDC on Celo in February 2024, while Tether integrated its USDT stablecoin in March. As of September 25, $209 million of Celo-based USDT tokens are in circulation.
Celo’s success in stablecoin adoption is largely driven by applications like Minipay and Valora. Minipay, which launched in 2023, quickly reached 3 million active wallets by mid-2024, contributing to Celo surpassing Tron in daily active stablecoin addresses, according to blockchain data provider Artemis.xyz. Celo’s integration with Ethereum further strengthens its place within the larger crypto ecosystem, empowering developers and users with enhanced capabilities.
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