This week at @Token2049, the Celo Foundation and cLabs are making headlines as Celo’s daily active stablecoin addresses recently surpassed those of @trondao.
But what’s fueling this impressive rise in Celo’s stablecoin usage?
While daily active addresses can be a limited metric, a deeper look into Celo’s stablecoin transaction volumes reveals the true growth.
Transfer sizes across all categories are increasing, suggesting that the network isn’t being spammed with small, insignificant transactions.
Instead, it reflects genuine activity and growing demand for stablecoin usage on the platform.
Celo’s stablecoin supply has seen a notable increase in the past year, now surpassing $300 million. Additionally, @Tether_to has pre-minted an additional $200 million USDT on Celo, signaling strong anticipation for future demand.
Driving Factor For Growth Is The Rise In User Friendly Apps
A significant factor driving this growth is the rise of user-friendly apps like @minipay and @Valora. MiniPay, which launched in 2023, reached 1 million wallets within just five months. By July 2024, the app had over 3 million activated wallets. Following its successful launch in Nigeria, MiniPay has since expanded to Kenya, Ghana, and South Africa—markets with strong crypto potential.
@Celo recently passed @trondao in daily active addresses for stablecoin usage.
-What's behind this meteoric rise?
-Is Africa undergoing a stablecoin breakout?A 🧵 pic.twitter.com/6Xn8CF6DfO
— Artemis (@artemis__xyz) September 16, 2024
Nigeria, in particular, is a major driver of this growth. According to @chainalysis data, Nigeria ranks #2 globally in crypto adoption, further underscoring the impact of apps like MiniPay in accelerating stablecoin usage in emerging markets.
With expanding user bases and increasing transaction volumes, Celo’s stablecoin ecosystem appears poised for even more growth in the coming months, attracting attention from users and investors alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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