Tether’s expansion on the Kava blockchain boosts liquidity and provides increased blockchain options, resulting in a 5% surge in KAVA token amid a broader crypto market recovery.
Leading stablecoin issuer, Tether, is expanding its presence by launching its USDT stablecoin on the Kava blockchain. This strategic move is intended to improve liquidity and offer users a broader range of options across various blockchains.
Kava, recognized for its scalability and speed, operates as a layer-1 blockchain. Its distinctive co-chain architecture combines the flexibility of the Ethereum virtual machine with the interoperability enabled by the Cosmos software development kit.
— Tether (@Tether_to) June 21, 2023
Following the announcement, KAVA, the native token of the Kava blockchain, surged by 4.8% before stabilizing at $0.912, maintaining a 12% increase in the past 24 hours. The recent mainnet upgrade of Kava has improved transaction speeds and cross-chain bridge functionality, further enhancing its user appeal.
Tether’s launch of USDT on Kava solidifies its position as the most widely adopted stablecoin, as it continues to gain market share over USD Coin (USDC), reaching a record-high market cap of $83.5 billion.
Paolo Ardoino, Tether’s CTO, expressed enthusiasm for the partnership, emphasizing Kava’s strong track record of security and reliability. The collaboration between Tether and Kava aims to revolutionize the future of decentralized finance, creating a resilient and inclusive ecosystem for global users.
By extending its presence across multiple blockchain networks, Tether enhances the stability and accessibility of its stablecoin, thereby fostering the expansion and acceptance of cryptocurrencies within the global financial landscape.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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