The Celo platform's transition to Ethereum Layer 2 has been considered a significant network enhancement. Stablecoins like USDC and USDT have been increasing their presence on Celo in 2024. This has led to a surge in the price of the native utility token, CELO, by around 25%. Celo's stablecoin usage has experienced notable growth due to increased app adoption, a growing stablecoin supply, and strong demand, particularly in regions like Africa. Apps such as Minipay and Valora have contributed to this growth. Minipay has expanded its reach to African countries, and this stablecoin adoption on Celo is projected to boost crypto adoption rankings in countries like Kenya and South Africa in 2025. Vitalik Buterin, Ethereum's co-founder, praised Celo's progress and recognized its impact in improving access to basic payments and global finance. Celo is also transitioning to become an Ethereum Layer 2 network, which is expected to enhance integration and offer new capabilities. The introduction of major stablecoin players like Tether and Circle on the Celo blockchain is expected to drive innovation and adoption of decentralized finance solutions on the platform.



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