Stablecoin Summit | Exclusive Interview with cLabs CEO: The chain with the highest number of active stablecoin users is no longer Tron

Following the conclusion of Token2049, the Stablecoin Summit organized by XREX took place. cLabs CEO Marek Olszewski delivered a speech titled "May the Forex Be with You," discussing Celo's rapid development in stablecoins in recent years. Here is an exclusive interview:

Which Chain Has the Most Stablecoin Users?

During his speech, Marek asked, "Which chain has the most stablecoin users?" The audience unanimously believed the answer was Tron, as Tron has always provided cheap and fast stablecoin transfer services and has the highest circulation of USDT, approximately $61.1 billion.

However, the answer is not as straightforward. Marek presented data from the analytics platform Artemis, showing that the number of active addresses on Celo surpassed Tron for the first time on September 13th this year.

Nevertheless, the number of active addresses is just one of the data points. When comparing the total transfer volume, Celo ranks only 11th among all blockchains. However, compared to the beginning of the year, this data for Celo has increased by 26 times, indicating significant growth for Celo in the stablecoin sector.

Furthermore, examining the size of each transaction, it can be seen that prices in all ranges are steadily increasing, indicating that the activity on Celo is not driven by meaningless small transactions.

What Drives Celo's Growth? Where Do Most Users Come From?

To explain the remarkable growth of Celo, Marek mentioned that a significant part of the credit goes to the development of applications on Celo, such as MiniPay.

MiniPay is a stablecoin wallet built into the Opera Mini browser, with key features:

1. Users can transfer assets quickly using phone numbers without any fees
2. Some stablecoins can be instantly exchanged at a 1:1 ratio
3. Wallet creation is quick with a Google account, and seed phrases are automatically stored on the phone

After practical use, the process of creating a wallet and transferring assets is smooth, and the unique features built into the Opera browser significantly increase user influx.

However, it is important to note that the Opera Mini browser is currently only available for Android users, with an expected iOS version to be released by the end of this year.

As for where Celo's users primarily come from, Marek mentioned that they mainly originate from Africa, such as Kenya, Ghana, and South Africa. Since Opera is a popular browser in Africa, it naturally becomes the main source of users. Additionally, due to the relatively underdeveloped inclusive finance in Africa compared to other regions, a convenient and user-friendly blockchain wallet has become an indispensable daily tool for local residents.