The Kava layer one blockchain joins other chains — such as Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron — that support USDT.
The leading U.S. dollar-pegged stablecoin, Tether (USDT), has found a new channel for mainstream adoption through the Kava Network, a layer one (L1) blockchain built with scalability and speed in mind. According to the announcement, Tether USDT will work closely with the Kava blockchain to reshape the future of decentralized finance.
After the announcement, the parent currency of the Kava chain, KAVA, jumped more than 10 percent in the past 24 hours to trade around $0.9117 on Wednesday. However, the coin is down 90 percent from its ATH, around $9.12, which was achieved during the cryptocurrency bull market in 2021.
Kava Blockchain Meets Tether (USDT)
Given the well-understood importance of stablecoins in the cryptocurrency industry, the integration of Tether USDT into the Kava Chain is expected to have long-term mutual benefits for both ecosystems.
“We are excited to launch USD₮ on Kava, providing its community with powerful access to the world’s first, most stable, reliable and widely used stablecoin.” He said Paolo Arduino, CTO at Tether. “The Kava Network is a unique and widely followed blockchain with a four-year track record with no 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 across the board. around the world “.
Notably, Kava joins a growing list of blockchains that have integrated the leading stablecoin with a market capitalization of around $83.66 billion. As of today, Tether USDT is available on several blockchains including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron. In addition, the Binance cryptocurrency exchange offers its global users a BEP20 version of Tether USDT by holding underlying assets from other blockchains.
The Kava Network is poised for mainstream adoption since its official launch in 2018. Furthermore, the Kava Network is built with a cross-chain design that exploits the Ethereum virtual machine (EVM) and interoperability of the Cosmos SDK ecosystem.
Last month, the Kana team announced that the Kava 13 mainnet is available for public use. The Kava 13 update allows users to enjoy more security, scalability, functionality, and faster transaction speeds.
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
The bigger picture
The integration of Tether USDT into the Kava network is a clear indication that the US cryptocurrency industry has a bright future despite periodic legal action by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and New York attorney’s office. Moreover, the Kava Chain is a low-cost ecosystem with a fully diluted valuation of approximately $528 million and a 24-hour trading volume of approximately $27.2 million.
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