With the new release, USDT liquidity will be available to the community of Cosmos (ATOM), a pioneering cross-chain ecosystem. Its flagship network Kava (KAVA) recently underwent a major upgrade.
Tether (USDT) to go live on Cosmos' Kava (KAVA) blockchain
According to the official announcement shared by the team of Tether Limited, the issuer of the largest stablecoin USDT, Kava (KAVA) is set to become the next addition to its list of supported blockchains. The first Kava-based USDT will be minted on July 3, 2023.
Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.— Tether (@Tether_to) June 21, 2023
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In an annoucnement, the Tether (USDT) team stressed that Kava (KAVA) merges the most impressive benefits of the Ethereum Virtual Machine (EVM) with the speed, low transaction fees and interoperability of Cosmos SDK. A few weeks ago, the team of Kava (KAVA) rolled out the Kava 13 upgrade to give its throughput and speed a boost.
Paolo Ardoino, CTO at Tether, is excited by the new release and claims it will play a crucial role in USDT's progress and adoption for various liquidity solutions:
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. 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.
Previously, versions of USDT were launched on Ethereum (ETH), Solana (SOL), Algorand (ALGO), Eos (EOS), Tron (TRX), Near Protocol (NEAR) and Avalanche (AVAX) blockchains as well as on Liquid Network and Omni solutions.
Kava (KAVA) price registers double-digit pump amid USDT launch announcement
The large stake of USDT is issued on Tron (TRX) thanks to its low transaction fees: out of $83 billion in market cap, Tron (TRX) is responsible for $46 billion.
The community of Kava (KAVA) is excited by such an announcement and stresses that it is the first time that USDT has come to the Cosmos (ATOM) ecosystem.
KAVA, a core native asset of Kava, reflects the community excitement: its price jumped from $0.82 to over $0.92 in a few hours. As such, KAVA outperforms major altcoins, printing double-digit gains.