- Tether expands on Kava, enhancing liquidity and offering more blockchain options.
- KAVA token surges 5% amid wider crypto market recovery.
Tether, the leading stablecoin issuer, is expanding its reach by issuing its USDT stablecoin on the Kava blockchain. The move aims to enhance liquidity and provide users with more options across multiple blockchains.
Kava is a layer-1 blockchain known for its scalability and speed. It offers a unique co-chain design that combines the flexibility of the Ethereum virtual machine with the interoperability of the Cosmos software development kit.
Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.
Read more https://t.co/myCkHhHHud pic.twitter.com/YQFgO5381m
— Tether (@Tether_to) June 21, 2023
Following the announcement, KAVA, the native token of the Kava blockchain, experienced a surge of 4.8% before settling at $0.912. The token remains over 12% higher in the past 24 hours. Kava’s mainnet upgrade is implemented last month. It improved transaction speeds and the functionality of cross-chain bridges, further enhancing its appeal to users
Tether’s decision to launch USDT on Kava solidifies its position as the most widely adopted stablecoin. With a market cap that reached an all-time high of $83.5 billion, Tether continues to gain market share over its main competitor, USD Coin (USDC).
Meanwhile, Paolo Ardoino, CTO at Tether, expressed excitement about the partnership, highlighting Kava’s robust track record of security and reliability. The collaboration between Tether and Kava aims to reshape the future of decentralized finance. It also fosters a robust and inclusive ecosystem for users worldwide.
As Tether expands its presence on various blockchain networks, it strengthens the stability and accessibility of its stablecoin, further contributing to the growth and adoption of cryptocurrencies in the global financial landscape.
