Stablecoin issuer Tether is set to launch its USDT token on Celo, an Ethereum virtual machine-compatible blockchain that is in the process of transitioning to an Ethereum Layer 2 network.

The launch date for USDT on Celo is unclear, but a Tether spokesperson told The Block that it will happen "soon."

Tether rival Circle also announced earlier this year that it will launch its USDC stablecoin on Celo. 

Tether's Celo expansion will bring USDT to over a dozen blockchains, including Ethereum, Solana, Avalanche, Polygon, and Near. Last August, Tether discontinued support for the Kusama, Bitcoin Cash Simple Ledger Protocol and Omni Layer networks, citing a lack of demand, while redemptions on those networks will continue until August this year.

Celo was launched in 2020 with a focus on …