Celo Takes on Tron in Stablecoin Competition

Celo is making a significant push in the stablecoin arena, challenging Tron’s dominance in daily active addresses. Recent data from Artemis indicates that Celo’s weekly average of addresses using stablecoins has climbed close to 700,000, bringing it within striking distance of Tron’s numbers.

This growth can be traced back to March, when Tether launched its USDT stablecoin on Celo, leading to more than $200 million in USDT issued on the platform. Additionally, Celo’s collaboration with Opera to introduce MiniPay, a user-friendly mobile wallet, has seen impressive adoption, attracting over 1 million users in less than five months across Nigeria, Ghana, and Kenya.

The excitement around Celo was further fueled when Ethereum co-founder Vitalik Buterin shared his support on X, leading to a notable 20% surge in the price of CELO, which is now trading at 63 cents. However, while Celo is gaining ground, it still trails Tron in terms of overall stablecoin transfer volume this month, with $1 billion compared to Tron’s staggering $335.7 billion.