Celo Challenges Tron’s Leadership in Active Stablecoin Addresses

As a seasoned researcher with a keen interest in blockchain technology and its real-world applications, I’ve been closely observing the dynamic landscape of digital currencies. The recent surge of Celo challenging Tron in terms of daily active addresses interacting with stablecoins is a testament to the rapid evolution of this space.

Celo, a system built on Ethereum’s second layer that focuses on mobile-centric decentralized apps and smart contracts within a blockchain ecosystem, is attempting to surpass Tron in terms of daily active addresses using stablecoins as the primary currency.

Over the past week, the number of daily active addresses employing stablecoins on the Celo platform has almost reached 700,000, coming close to Tron’s similar count, as indicated by data monitored by Artemis.

After Tether announced in March to introduce its top-tier USD-backed stablecoin, USDT, onto the Celo platform, more than $200 million worth of this coin has since been generated on the network.

Approximately a year back, Celo and Opera teamed up to debut MiniPay, a user-friendly digital wallet for stablecoins that doesn’t require custody, with a focus on mobile devices. This wallet operates on the Celo blockchain, allowing for swift transactions using just a phone number.

In just under five months after its debut, MiniPay managed to attract more than a million users from Nigeria, Ghana, and Kenya, as shared by a representative of Celo via email with CoinDesk.

On Wednesday, Vitalik Buterin, founder of Ethereum, expressed enthusiasm for Celo’s advancement in X, which ignited investor curiosity about the CELO token. At present, the cryptocurrency is being traded at approximately 63 cents, marking a nearly 20% increase over the past 24 hours, as per data from CoinDesk.

Enhancing global accessibility to fundamental financial transactions through Ethereum has long been seen as a beneficial aspect of its existence, and it’s exciting to notice Celo gaining momentum in this regard,” Buterin commented on X.

This month, Tron has surpassed Celo in terms of the value of stablecoins transferred on-chain, with Tron transferring approximately $335.7 billion compared to Celo’s roughly $1 billion. Ethereum continues to lead the pack, with over $470.4 billion in transfers. Data from Artemis reveals these figures.