Tether’s USAT Stablecoin Launches on Celo Blockchain
- Tether’s USAT stablecoin has expanded to the Celo blockchain, marking its first deployment beyond the Ethereum mainnet.
- Google Cloud provides infrastructure support for the stablecoin’s distribution system on Celo.
- A privacy-preserving faucet allows verified users to access USAT tokens through proof-of-humanity verification.
- Deloitte’s attestation report shows $17.6 million in reserves backing $17.5 million in tokens as of January.
- Tether’s flagship USDT stablecoin has a market cap of $184 million but lacks a full independent audit from a “Big Four” firm.
The launch of Tether’s USAT stablecoin on the Celo blockchain represents a significant expansion beyond Ethereum, supported by Google Cloud infrastructure and targeting enhanced financial access through mobile platforms like Opera MiniPay. Deloitte’s attestation confirms substantial reserves backing the issued tokens, reinforcing confidence in the stablecoin’s value.
This move aims to extend regulated digital dollar infrastructure into active on-chain economies, with Tether planning further audits to enhance transparency for its leading USDT stablecoin, which currently lacks comprehensive independent verification despite its large market cap. (Source)
