USAT has expanded beyond Ethereum and launched on Celo. When it appeared in January, I thought it could end USDT's dominance: same Tether brand, but with regulatory oversight, transparent reserves, and independent audits. Six months later, there are only about 180M USAT versus 180B+ USDT. Maybe USDT's supply simply cannot shrink quickly because redeeming it is difficult. Or maybe Ethereum was the wrong place to launch a new stablecoin. Now USAT is trying Celo, where fees are low and can be paid in stablecoins themselves. Good old USDT on Celo is already swapped quite often on https://t.co/GOvjhHpdDS. Do you think USAT can finally gain traction on Celo?
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