Tuesday, April 23, 2024
Blockchain

Tether Launches USDT on Kava Blockchain

Tether Operations Limited (Tether), the company behind the renowned blockchain-powered platform tether.to and the world’s leading stablecoin, has revealed its plans to introduce U.S. dollar-pegged Tether tokens (“USDT”) on Kava. Kava is a layer-1 blockchain specifically designed to offer scalability and high speed.

With its establishment in 2018, the Kava network stands out by employing a co-chain design that combines the Ethereum virtual machine’s flexibility with the rapid transaction processing, low fees, and interoperability of the Cosmos software development kit. This innovative architecture enables users to leverage Cosmos’ “zones” feature within the Kava protocol. Last month, Kava celebrated the successful launch of its “Kava 13” mainnet update, which enhances the platform’s security, scalability, functionality, and speed.

Paolo Ardoino, the CTO at Tether, expressed enthusiasm about the partnership, stating, “We’re thrilled to be launching USDT on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin.” He emphasized the significance of Kava’s track record, noting that the blockchain network has operated securely for four years with zero security incidents, which is vital for safeguarding USDT users. Together, Tether and Kava aim to revolutionize the future of decentralized finance and foster an inclusive ecosystem that benefits users worldwide.

This announcement further solidifies Tether’s standing as the most extensively adopted stablecoin, having pioneered the concept in the realm of digital tokens. The stablecoin is already operational on various networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.

By expanding its presence onto the Kava blockchain, Tether continues to make strides toward broader accessibility and usage of its stablecoin, offering users even more options to engage with decentralized finance in a secure and efficient manner.

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