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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.