According to CoinDesk, Celo is emerging as a strong competitor to Tron in terms of daily active addresses interacting with stablecoins. The CELO token saw a significant rally, increasing by over 20% on Wednesday.
Celo, an Ethereum layer 2 and blockchain-based ecosystem focused on mobile-first decentralized applications and smart contracts, is closing in on Tron's lead. The seven-day moving average of daily active addresses using stablecoins on Celo has risen to nearly 700,000, almost matching Tron's figures, as per data from Artemis.
This growth follows Tether's deployment of its dollar-pegged stablecoin, USDT, on Celo in March. Since then, over $200 million worth of USDT has been issued on the network. Additionally, Celo's partnership with Opera last year to launch MiniPay, a mobile-first non-custodial stablecoin wallet, has contributed to this surge. MiniPay has attracted over 1 million users across Nigeria, Ghana, and Kenya within five months of its launch.
Ethereum founder Vitalik Buterin praised Celo's progress on X, boosting investor interest in the CELO token. As of the latest data, the cryptocurrency is trading at 63 cents, marking a nearly 20% gain in 24 hours. Buterin highlighted the importance of improving global access to basic payments and finance, noting Celo's traction in this area.
Despite these advancements, Celo still trails behind Tron in terms of the value of stablecoin transferred on-chain this month. Artemis data indicates that Celo has recorded just over $1 billion in transfer volume, significantly less than Tron's $335.7 billion. Ethereum continues to lead with over $470.4 billion in transfer volume.
