Tether to launch its USDT stablecoin on the Kava blockchain
Tether is launching its USDT stablecoin on Kava, a Layer 1 blockchain that is built on the Cosmos network, further strengthening its multi-chain presence.
Kava is now one of over a dozen blockchains to host USDT, including Ethereum, Solana, Avalanche, Algorand, Polygon and Near Protocol. “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,” Paolo Ardoino, chief technology officer at Tether, said in a statement.
Together, Tether and Kava aim to increase the adoption of decentralized finance or DeFi, according to Ardoino.
While USDT is available across many blockchains, its usage on Ethereum and Tron remains the highest, as can be seen on the chart below from The Block’s Data Dashboard.
Tether’s USDT is the largest stablecoin with a staggering market capitalization of $86 billion, per the dashboard.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri
