Celo Overtakes Tron in Stablecoin Usage Thanks to App Adoption in Africa

Celo recently overtook Tron in the number of active addresses used by stablecoins, according to Artemis data. The surge in activity is attributed to the growing popularity of apps like MiniPay and Valora, which have gained significant traction in Africa. Vitalik BUTERIN, co-founder of Ethereum, celebrated the milestone by emphasizing that improving global access to payments and financial services aligns with Ethereum’s broader mission to make the world a better place.

Celo’s growing presence also aligns with its intention to become an Ethereum Layer 2 (L2) blockchain, as detailed in a recent whitepaper. Artemis also reported that the Celo network has seen a steady increase in transaction sizes, indicating legitimate activity rather than spam. Over the past year, the supply of stablecoins on Celo has increased dramatically, highlighting future demand.

Apps like MiniPay have played a major role in driving user adoption. Launched in 2023, MiniPay reached 1 million wallets within five months. And as of July 2024, it had over 3 million activated wallets. On the market, Celo (CELO) recently hit a 13-day high of $0.6552. At the time of writing, it is trading at $0.613, up 14%. Trading volume has increased by 447%, indicating increased investor interest. Technically, CELO remains in an uptrend with key resistance levels at $0.7391 and $0.7849. Its support level is expected to be around $0.4828.

Image: Host Merchant Services