Blockchain

Tether To Launch USDT On Kava Network, KAVA Soars 12%

Key Points:

Tether announced that it would issue native USDT on the Kava blockchain.
Native USDT is now live on multiple blockchain networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
The price of KAVA jumped more than 12 % in the day following the above news.

Tether, the creator of the first and biggest blockchain-based stablecoin, USDT, has announced that it would also issue USDT on Kava (KAVA), a Layer-1 blockchain built for scalability and speed.

Tether To Launch USDT On Kava Network, KAVA Soars 12% 4

Tether, the world’s largest stablecoin issuer, has announced that it would also issue USDT on the Kava network, which was built and launched in 2018. The Kava network is built with a collaborative Blockchain design that combines the flexibility of the Ethereum virtual machine with speed, low transaction fees, and the interoperability of Cosmos’ software development kit, one of the largest organic ecosystems in the cryptocurrency world, according to the company.

According to Tether, the Kava network’s unique design lets users make use of Cosmos’ “zones” feature on the protocol. Kava revealed last month that it had deployed the “Kava 13” mainnet update, which upgraded its infrastructure to provide customers with increased security, scalability, functionality, and processing speed.

Tether To Launch USDT On Kava Network, KAVA Soars 12% 5

Tether’s CTO, Paolo Ardoino, stated:

“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 USDT users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”

The integration of USDT into the Kava network has extended the number of networks to which USDT is exported to eight. Prior to Kava, USDT could be issued on a variety of networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.

After the news, the price of KAVA, the native token of the Kava network, skyrocketed. At the time of writing, USDT is trading at 0.917, seeing a gain of more than 12% on the day.

KAVA price chart. Source: TradingView

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.