According to CoinDesk, Celo is challenging Tron’s position in the number of daily active addresses of stablecoins. Celo’s seven-day moving average of daily active addresses of stablecoins has reached nearly 700,000, almost on par with Tron.

The growth began when Tether deployed its industry-leading USDT stablecoin on Celo in March. Currently, more than $200 million USDT has been issued on the Celo network.

Last year, Celo partnered with Opera to launch MiniPay, a mobile-first, non-custodial stablecoin wallet built on the Celo blockchain that enables instant money transfers via phone number. Celo representatives said MiniPay attracted more than 1 million users in Nigeria, Ghana, and Kenya in less than five months.

On Wednesday, Ethereum founder Vitalik Buterin praised Celo’s progress on X, sparking investor interest in the CELO token. At press time, the CELO token is trading at $0.63, up nearly 20% in 24 hours.

Still, Celo lags behind Tron in on-chain stablecoin transfer value this month. Artemis data shows Celo’s transfer volume is just over $1 billion, while Tron’s is $335.7 billion. Ethereum ranks first with more than $470.4 billion in transfers.