cUSD and cEUR are the first stablecoins to be added to Opera's native wallet.
Opera, a privacy-focused web browser with a history of adopting crypto features, has added stablecoins for the first time.
Celo Dollar (cUSD) and Celo Euro (cEUR) stablecoins, as well as Celo's native CELO token, are now available in the browser's crypto wallet. Celo is an open-source blockchain network aimed at increasing the accessibility of decentralised financial (DeFi) systems and tools. Celo was frequently likened to Libra, the Facebook-created cryptocurrency, in its early days.
In an email, Cuautemoc Weber, Opera's head of crypto, said, "Stablecoins aren't vulnerable to market movements." “It has always been Opera's mission to make blockchain technology as widely and easily accessible as possible. With our built-in crypto wallet and Web3 compatibility across Opera browsers, we've been following this strategy for years.”
Weber said, cUSD was an excellent choice since it may be used as a substitute for fiat in emerging markets.
According to Celo's blockchain explorer, there are currently 191,763 holders of cUSD and 243 holders of the recently launched cEUR. The market capitalization of cUSD is now $51 million, a small part of the $100 billion stablecoin market.
Opera has also joined the Celo Alliance for Prosperity, a coalition of over 140 organisations dedicated to “fostering social impact and financial inclusivity through blockchain technology.”
In an email, Chuck Kimble, head of the alliance at cLabs (which works on Celo), claimed that “larger organisations are paying attention to the crypto user experience and how to incorporate crypto into people's daily lives.”
In a statement, Celo co-founder Rene Reinsberg stated, "Opera's focus on major growth regions, in particular the United States and EU, Africa, Southeast Asia, and LATAM, will enable these mobile-savvy populations to interact with Celo assets and the Celo ecosystem with ease."
Through the Ramp protocol, Opera users can now transfer peer-to-peer remittances, trade, and convert to Celo's native asset or stablecoins from the Opera wallet.