USDC on Celo - What this means for you

On February 22, 2024, Circle and the Celo Foundation announced that USDC is now available natively on the Celo network. With USDC on Celo, Community members around the world can send and receive one of the largest and most widely used stablecoins with low-cost transactions that can settle in seconds. 

Starting today, you can purchase and add USDC to your Valora wallet via Ramp, a global cash-in provider, or by swapping into USDC through Valora’s in-app swaps feature.

You can then hold USDC in your Valora wallet as a stable currency or transfer it to any phone number instantly.

TL:DR;

• What is USDC? USDC is a regulated digital dollar and the second-largest stablecoin by market cap. It is issued by Circle and backed 100% by highly liquid cash and cash-equivalent assets. USDC is always redeemable 1:1 for US dollars.

• Why is this exciting? No matter where you are in the world, you can now send, receive, and hold the leading regulated stablecoin in your Valora wallet. Safely hold and grow your savings in fully reserved digital dollars, or transfer money in seconds with just a phone number.

• How do I get started? Download Valora and tap “Buy” on the home screen to purchase the USDC token with Ramp, or "Swap" into USDC using Valora’s built-in swaps feature.

• More features are headed your way! This update is just the first of many.  Follow @Valora, @Celo, and @Circle on X to find out as more features become available. 

What is USDC?

• Secure & Stable: USDC is a regulated and fully reserved stablecoin issued by Circle, a global pioneer in financial technology. USDC is backed 100% by liquid cash and cash equivalent assets, making it always redeemable 1:1 for USD.

• Frictionless: USDC is available on 15 blockchain networks and is an interoperable stablecoin. On Celo, it can be sent across borders in seconds, costing less than a fraction of a cent per transaction and requiring no bank account.

• Open: USDC is widely used by DeFi protocols for trading, borrowing, and lending with deep liquidity. It is designed to be accessible to everyone, everywhere.

Why is this exciting?

USDC is one of the leading stablecoins globally, providing people around the world with a trusted way to hold and send digital dollars. Native deployment of USDC on Celo brings a rapidly growing global payments network to Celo’s mobile-first blockchain, combining USDC as a trusted stablecoin with Celo’s fast, low-cost, and mobile-first transactions. 

This integration provides both crypto-native audiences and emerging markets with a trusted, reliable way of holding stable value – combining the stability of the US dollar with the speed and efficiency of digital currencies. USDC joins Celo’s many stablecoin use cases, along with local currencies such as Mento’s cUSD, cREAL & eXOF; crypto-collateralized stablecoins pegged to the value of the US Dollar, Brazilian Real, and West African Franc.

With USDC on Valora, you can now enjoy:

• A regulated, secure, and stable currency always redeemable 1:1 for US Dollars

• Instant, low-cost transactions on Celo

• A simplified wallet experience for holding, sending, and receiving USDC

One of Celo’s key features is high-speed transactions with low fees, making it ideal for seamless payments. USDC’s deployment on Celo will allow you to hold, stake, send, and receive USDC in Valora with the same user-friendly mobile experience you know and love.

How do I get started?

Download Valora if you haven’t already to start using USDC on Celo. 

Buy USDC

1. Tap “Buy” on your home screen.

2. Select “USDC” from the Token list.

3. Enter the amount of USDC you would like to add.

4. Select “Ramp” from the list of providers (note: Ramp may require an order minimum)

5. Proceed with your order (you may be asked to confirm your identity using a government-issued ID.)

6. Return to your Valora wallet. 

7. Tap “View assets” to view and manage your portfolio. 

Swap USDC 

You can now seamlessly swap between USDC and your Celo assets in Valora. Head to your home screen to get started.

In-app

• Open Valora and tap “Swap” in Valora’s quick actions menu

• Tap “Swap From” to view tokens list

• Select one of your Celo assets 

• Add the amount you would like to swap

• Tap “Swap to” and select “USDC”

• Review the exchange rate and estimated network fees

• Tap “Confirm Swap” to complete the transaction

Note: you will need to have some CELO in your wallet to pay for gas fees.

Swap into USDC liquidity pools on Uniswap

• Navigate to Valora’s “Dapps” page from your home screen

• Open the “Uniswap” dapp

• Tap “Connect” in the top right corner

• Choose WalletConnect 

• Tap “View All,” and then search “Valora” in the search bar

• Tap the Valora icon to open

• Tap “Connect wallet”

• Return to Uniswap

• Tap the drop-down menu to select your Celo asset (CELO, cUSD, cEUR) 

• Add the amount you would like to exchange

• Tap “Select Token” and choose “USDCoin” 

• Tap “Swap” to complete the transaction

• Do one last review before tapping “Review and Swap”

Note: you will need to have some CELO in your wallet to pay for gas fees.

More features are headed your way!

This announcement is just the first of many. Follow @Valora, @Celo, and @Circle on X to keep up-to-date as more features become available.