Circle, a publisher of stablecoins, including USDC and EURC, will introduce its stablecoin pegged to the US dollar on Celo (CELO), a Layer 1 blockchain, and then it will be migrated to the Layer 2 scaling solution of Ethereum.

Furthermore, during the upcoming governance vote, it will be determined whether USDC will become the official gas currency on the Celo network.

Celo originally started as a Layer 1, Ethereum Virtual Machine (EVM) compatible blockchain with a focus on scalability. However, in July, the cLabs company, responsible for Celo's development, proposed to transition the network to Ethereum's Layer 2 scaling protocol, and by the end of the same month, the majority of votes supported this proposal.

Celo's native token, CELO, was trading at $0.67 as of 16:15 Eastern Time on January 29, increasing its value by 2% over the previous 24 hours.