Tether has announced plans to launch its flagship stablecoin USDT on the Kava layer-1 blockchain, further boosting liquidity across multiple blockchains. According to a Wednesday Tweet by Tether, the launch will take place on 3 July.
USDT to Launch on Kava
“We’re thrilled to be launching USD₮ on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin,” Paolo Ardoino, CTO at Tether, said in a press release.
Founded in 2018, Kava is a Layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer flexibility of Ethereum virtual machine (EVM). This unique design allows users to take advantage of Cosmos’ “zones” feature in the Kava protocol. Last month, the blockchain completed its “Kava 13” mainnet update, which aims to offer users enhanced security, scalability, functionality, and speed.
“The Kava network is a unique and widely followed blockchain with a robust track record of four years with zero security issues, which is essential to protecting USD₮ users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide,” Ardoino said.
Kava Surges 4% on the News
Following the news of the launch, Kava’s native token (KAVA) climbed more than 4% to $0.937. Moreover, the token has spiked by 10% to $0.9048 in the last 24 hours, according to CoinMarketCap data.
With the latest announcement, Kava is now joining a host of blockchain housing USDT. The stablecoin is already hosted on Ethereum, Polygon, Solana, Avalanche, Algorand, Tezos, Tron, Omni, EOS, Liquid Network, Kusama, Bitcoin Cash’s Standard Ledger Protocol, Polkadot, and Near Protocol. While the USDT is available across multiple blockchains, Ethereum and Tron remain the most used network for the stablecoin, as revealed by data from The Block’s Data Dashboard.
USDT is the world’s largest stablecoin and the third-largest cryptocurrency (behind Bitcoin and Ethereum), with a market cap of $82 billion.
