Tether Limited has announced its plans to launch USDT on the KAVA blockchain, with the first Kava-based stablecoin set to be minted on July 3, 2023.
This move will make USDT liquidity available to the Cosmos (ATOM) community, an innovative cross-chain ecosystem. Kava (KAVA), the flagship network of Cosmos, recently underwent a significant upgrade, as reported by U.Today.
Paolo Ardoino, CTO at Tether, expressed his excitement about the upcoming launch and highlighted the crucial role it will play in advancing USDT’s adoption for various liquidity solutions. He emphasized that Kava combines the impressive benefits of the Ethereum Virtual Machine (EVM) with fast transaction speeds, low fees, and strong interoperability provided by the Cosmos SDK.
Ardoino praised Kava’s solid performance record spanning four years without any security issues, which is essential for safeguarding USDT users. Together, Tether and Kava aim to reshape the future of decentralized finance, creating an inclusive ecosystem that benefits users globally.
Previously, USDT was launched on various blockchains, including Ethereum (ETH), Solana (SOL), Algorand (ALGO), Eos (EOS), Tron (TRX), Near Protocol (NEAR), Avalanche (AVAX), as well as on Liquid Network and Omni solutions.
Following the announcement of the USDT launch, the price of Kava (KAVA) experienced a significant increase.
The KAVA community is thrilled about the addition of USDT to the Cosmos (ATOM) ecosystem, marking the first time the stablecoin will be present there.
It’s important to note that KAVA tokens are utilized in the Kava network, a DeFi (decentralized finance) protocol built on top of the Cosmos blockchain. They serve as payment for transaction fees and transaction validation within the Kava network. Additionally, KAVA tokens can be staked for profits and play a role in decision-making within the network. Moreover, they can be used as collateral for borrowing digital assets through the Kava network.
Kava’s DeFi protocol offers various features, such as borrowing, lending, staking, and exchanging digital assets, providing users with comprehensive financial services.