According to Cointelegraph, Ethereum co-founder Vitalik Buterin has been following the development of the Celo blockchain and praised its milestones in stablecoin usage. On September 25, Buterin praised Celo on X for surpassing Tron in the number of daily active addresses of stablecoins.
Celo will upgrade the Alfajores testnet to Ethereum L2 on September 26. Celoâs transition from an independent L1 blockchain to Ethereum L2 aims to improve network capabilities and integrate with the base blockchain.
Celo says the shift will bring many benefits, including closer connection to the Ethereum network and greater innovation and influence from the community.
In 2024, major stablecoin operators such as Tether and USDC integrated Celo support. The supply of USDC on Celo reached 40 million US dollars, while the circulation of USDT on Celo was 209 million US dollars, accounting for 0.18% of Tether's total circulation.
According to Artemis.xyz data, Celo surpassed Tron in the number of daily active addresses of stablecoins in September 2024. Applications such as Minipay and Valora contribute significantly to the growth of stablecoin adoption.
