Celo Dollars: Powerful new digital money in circulation

Celo will unlock the potential of stablecoins

Celo Foundation
Jun 29, 2020 · 5 min read

About 2 years since Celo was introduced to the world, and 2 months since Mainnet went live, Celo Dollars (cUSD) are live on the Celo Network! This milestone brings a stable asset to the Celo Platform, a new financial system accessible to anyone with a mobile phone.

The rise of stablecoins

While the cLabs team was in the early stages of building this new financial system, the first wave of stablecoins emerged in 2018 with exciting promises of being used across the globe to improve financial access. In practice, those initial stablecoins were primarily used by institutions to shield traders from the wild volatility of early crypto markets and for arbitrage. For users, long block times, gas fees paid in a different currency, and the inability to easily use stablecoins on a mobile phone were just a few of the adoption challenges.

The recent global crisis brought on by COVID-19 has the world demanding money that works better, especially as governments try to deliver stimulus money quickly to large populations that desperately need it. At the same time, demand for stablecoins has increased with the market cap of all stablecoins swelling from $5 billion at the start of the year to above $10 billion in June. Even with this growth, there are still limitations that prevent its reach beyond the crypto community. That is, until now.

Celo Dollars positioned to unlock the true potential of stablecoins

As you’ll see below, entrepreneurs, developers, and organizations are already starting to tap into these markets using Celo to share value in faster, cheaper, and more transparent ways. With Celo, stablecoins become digital money that you can easily use on your phone.

The journey has included many milestones and wouldn’t be possible without the validator community securing and operating the network, Alliance members integrating with Celo, builders imagining new possibilities on the Celo Platform, and CELO purchasers and stakers believing in the promise.

Mosaic image of the Celo community that helped launch Mainnet and bring Celo Dollars into circulation. Thanks to each and every one of you.

Accept Celo Dollars easily

After losing business on declining international cards, Lee and Change decided to modernize their business and accept cryptocurrencies as a form of payment. Their sales are expected to exceed $1M this year.

Borrow Celo Dollars instantly

Akinyi, a self-employed vegetable vendor in Nairobi, uses Celo Dollars through USSD to pay for supplies and take out microloans for her small business.

Share Celo Dollars directly

Air Protocol enables anyone anywhere to send and receive crypto without the use of a traditional bank account. Their first product, Syklo, is focused on modernizing remittances by using their mobile app to send cUSD easily among family and friends.

Air Protocol’s app Syklo featuring Celo Dollars

How can I learn more?

We will share updates as cUSD is available on exchanges and in wallets via Twitter and the Celo newsletter.

By modernizing money, the Celo community can build a more useful, more resilient, more fully-featured and more accessible financial system for all.

What could you build for your community with Celo Dollars? Join the conversation chat.celo.org.

The Celo Blog

Celo is an open platform that makes financial tools…

The Celo Blog

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. Visit celo.org for info on the community, contributors, and technology.

Celo Foundation

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A mission-driven foundation responsible for education, community engagement, and ecosystem support of the Celo platform.

The Celo Blog

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. Visit celo.org for info on the community, contributors, and technology.

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