- Tether announces the launch of USD₮ on Kava, a blockchain known for scalability and speed.
- Tether’s decision to launch on Kava further solidifies its position as the most widely adopted stablecoin.
- Kava’s unique architecture and recent “Kava 13” mainnet update offer users greater security, scalability, and functionality.
In a landmark announcement, Tether Operations Limited, the firm behind the world’s first and most trusted stablecoin, has revealed its plan to launch the U.S. dollar-pegged Tether tokens (USD₮) on Kava, a layer-1 blockchain designed for scalability and speed. This move not only strengthens Tether’s position as the most widely adopted stablecoin but also exemplifies the growing interconnection between various blockchain ecosystems.
Founded in 2018, the Kava network is known for its co-chain design, which blends the flexibility of the Ethereum virtual machine with the speed, low transaction fees, and interoperability of Cosmos’ software development kit.
The recent launch of the “Kava 13” mainnet update has significantly enhanced Kava’s infrastructure, offering users increased security, scalability, and functionality. With the introduction of USD₮, Kava users will now have access to a stablecoin trusted worldwide.
Paolo Ardoino, CTO at Tether, expressed his excitement about the launch, stating,
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.
With the launch of USD₮ on Kava, Tether continues to pioneer the digital token space. The stablecoin is now live on several networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
Moreover, Tether recently achieved a significant milestone as its market capitalization hit an all-time high of $83.6 billion, making it the third-largest cryptocurrency by market capitalization. It commands a significant 7.5% of the total cryptocurrency market capitalization, and a staggering 64% share out of a total stablecoin market capitalization of $130.2 billion.
This dominance is not just a testament to Tether’s success but also a reflection of the growing trust in stablecoins as a safe harbor in the volatile crypto market. Currently, Tether’s supply represents 0.4% of the total US dollar’s M2 money supply, highlighting its growing importance in the global financial ecosystem.
As we look to the future, the launch of USD₮ on Kava signifies a positive step towards a more interconnected and robust DeFi landscape. With the continuous growth and adoption of Tether, the future of USDT appears brighter than ever.
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