The Stabila Foundation Has Launched a New Initiative to Boost Stablecoin Adoption Within the Celo Ecosystem

The Celo (CELO) blockchain ecosystem has welcomed a new foundation focused on increasing the adoption and use of stablecoins within its network.

The Celo (CELO) blockchain network has welcomed a new foundation that will focus on increasing the adoption and use of stablecoins within the ecosystem.

The Stabila Foundation, which is being funded by the Celo community, will work to enhance the ecosystem’s financial stability by promoting the real-world utility of stablecoins, particularly in emerging markets such as Africa, Latin America, and Southeast Asia, according to an Aug. 28 press release shared with crypto.news.

“We aim to achieve these goals by collaborating closely with stablecoin issuers, ecosystem applications, infrastructure partners, merchants, and everyday users.”

The Stabila Foundation

In addition to the Celo community, the foundation has secured backing from Allbridge Core, Angle Labs, and Wormhole Foundation.

The foundation will concentrate its efforts on providing incentives for stablecoin liquidity pools, supporting educational campaigns, and backing projects that align with its mission, according to the press release.

By collaborating with stablecoin issuers, the foundation intends to increase transaction volumes and user growth on Celo, ultimately positioning it as a leading platform for stablecoins, the press release reads.

Celo already supports major stablecoins such as Tether (USDT) and Circle (USDC), which collectively account for over 85% of the stablecoin market.

However, the foundation seeks to expand the ecosystem even further by encouraging the use of a diverse range of local currency stablecoins, including those from Mento Labs, Angle Labs, and BRLA Digital.

According to data from DefiLlama, the total market capitalization of stablecoins on the Celo network stands at $337.57 million, with Tether’s USDT accounting for over 75% of the market.

Commenting on the foundation’s launch, Paul Kremsky, global head of business development at Cumberland, noted that stablecoins have emerged as the “killer use case of blockchain,” emphasizing that expanding stablecoins beyond the USD is an “important effort that will bring this infrastructure to the whole world, including regions that are sorely underserved by traditional banking rails.”