Celo Blockchain Overtakes Tron, Hits Record Number of Daily Active Addresses for Stablecoin

On September 25, Ethereum co-founder Vitalik Buterin followed the development of the Celo blockchain and praised its milestone in stablecoin usage, according to Cointelegraph.On September 25, Buterin took to X to praise Celo for surpassing Tron's number of stablecoin daily active addresses.

Celo will upgrade its Alfajores test network to Ethereum L2 on Sept. 26.Celo's shift from a standalone L1 blockchain to Ethereum L2 is designed to boost network capacity and integrate with the underlying blockchain.

Celo says the shift will bring many benefits, including tighter connectivity to the Ethereum network and increased innovation and influence in the community.

In 2024, major stablecoin operators such as Tether and USDC integrated Celo support. usdc's supply on Celo amounted to $40 million, while USDT liquidity on Celo was $209 million, or 0.18% of Tether's total liquidity.

According to Artemis.xyz, Celo surpassed Tron in the number of daily active addresses for the stablecoin in September 2024. Apps such as Minipay and Valora have contributed significantly to the growth in stablecoin adoption.