Tether launches USAT stablecoin on Celo, first expansion beyond Ethereum

Tether's USAT stablecoin, compliant with the GENIUS Act and issued by Anchorage Bank, is launching on Celo, marking its second mainnet deployment since its January launch. USAT can be used to pay gas fees on Celo, thanks to the platform's gas abstraction feature introduced in the CIP-64 upgrade, allowing ERC-20 tokens to serve as gas currencies. Tether US CEO Bo Hines stated that expanding USAT to Celo was a strategic decision, as Celo has a large user base with hundreds of thousands of daily transactions. Celo is the leading distribution network for Tether's USDT stablecoin, accounting for 28% of cross-blockchain USDT transfers and over 90% market share of Tether Gold's omnichain version, XAUt0. Approximately 470 million USDT is authorized on Celo, making it the eighth-largest chain by market capitalization. USAT has a market cap of 185 million, designed to comply with U.S. regulations by maintaining 1-1 reserves in cash or liquid equivalents. Anchorage Digital Bank, the issuer, is the first federally chartered crypto-native bank. Celo, founded in 2017, transitioned to an Ethereum Layer 2 in March 2025 for enhanced security and scalability. Opera has launched a stablecoin wallet on Celo with Tether's support, reportedly onboarding over 18 million users.

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