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In the words of Tether CTO Paolo Ardoino, “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.”
Stablecoin issuer Tether will launch USDT on Kava, a layer-1 network, as it seeks to increase its presence on multiple blockchains.
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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The news came a few days after rival firm Circle issued its Euro-backed stablecoin on the Avalanche (AVAX) network.
In its press release, Tether stated that Kava’s support for Cosmos SDK will allow clients to access several interoperable networks, called zones, on the Cosmos blockchain. Ardoino praised the EVM-compatible Kava network’s high security, adding that USDT’s deployment on Kava will safeguard user assets.
“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.”
With Tether’s integration into the Kava network, USDT will be available on eight blockchains, including Ethereum (ETH), Algorand (ALGO), and Solana (SOL).
The price of Kava network’s native token, KAVA, saw a sudden increase shortly after Tether’s announcement. As of writing, KAVA is valued at $0.89, up 10.5% over the last 24 hours.