Kava layer one blockchain joins other chains – like Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron – that support USDT.
The leading United States dollar-pegged stablecoin, Tether (USDT) has found a new channel to mainstream adoption through the Kava network, a layer one (L1) blockchain that was designed 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.
Following the announcement, the Kava chain’s native coin, KAVA, jumped more than 10 percent in the past 24 hours to trade around $0.9117 on Wednesday. The coin is, however, 90 percent down from its ATH, about $9.12, which was achieved during 2021’s crypto bull market.
Kava Blockchain Meets Tether (USDT)
With the importance of stablecoins well understood in the cryptocurrency industry, the integration of Tether USDT on the Kava chain is expected to have long-term mutual benefits for both ecosystems.
“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,” said Paolo Ardoino, CTO at Tether. “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.”
Notably, Kava joins a growing list of blockchains that have integrated the leading stablecoin with a market capitalization of about $83.66 billion. As of today, Tether USDT is available on several blockchains including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron. Additionally, the Binance cryptocurrency exchange provides its global users with a BEP20 version of the Tether USDT by holding the underlying assets from other blockchains.
The Kava network has been preparing for mainstream adoption since its official launch in 2018. Moreover, the Kava network was established with a co-chain design that taps into the Ethereum virtual machine (EVM) and the interoperability of the software development kit of the Cosmos ecosystem.
Last month, the Kana team announced that Kava 13 mainnet is live for public use. The Kava 13 update enables users to enjoy more security, scalability, functionality, and faster transaction speed.
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
Bigger Picture
The integration of Tether USDT into the Kava network is a clear indication that the cryptocurrency industry in the United States has a bright future despite the periodic legal actions by the SEC, the CFTC, and the New York Attorney’s Office. Moreover, the Kava chain is a low-cap ecosystem with a fully diluted valuation of about $528 million and a 24-hour trading volume of about $27.2 million.
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