DeFi payments protocol Celo readies launch of a euro-pegged stablecoin.

The developers behind Celo, a decentralized digital payments protocol, are plotting the launch of a new stablecoin which will be pegged to the euro.

Marek Olszewski, a partner at cLabs — one of the firms leading the development of the protocol — told The Block there had been a “flurry of activity” in the Celo community around launching a euro stablecoin over the past few months.

Testing of the on-chain governance proposals of the stablecoin is ongoing, but Olszewksi expects the token to launch in March.

The Celo platform already underpins a US dollar-pegged stablecoin, launched in the summer of last year, which can be used to make payments over mobile devices.