Tether.to, the company in charge of USDT, the world’s largest stablecoin, has signaled plans to roll out the token on the Kava blockchain. The launch is expected to offer users lightning-fast and more cost-efficient USDT transfers.
USDT launching on Kava
Despite being available across multiple blockchain networks, including Ethereum, Polygon, Tron, BNB Chain, Solana, and many others, USDT issuer, Tether is not yet resting on its oars as it continues to extend its presence across the web3 space.
According to a June 21 blog post by Tether, the USDT stablecoin will now be issued on the Kava blockchain, which combines the flexibility of the Ethereum Virtual Machine (EVM) with interoperability, low transaction fees, and speed of the Cosmos SDK (software development kit).
The integration of USDT into the Kava ecosystem will offer users even more cost savings when transacting or transferring the stablecoin across the crypto ecosystem without worrying about network downtimes or security breaches.
“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 USDT users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”
Paolo Ardoino, CTO at Tether.
Despite being embroiled in several controversies regarding its transparency and reserve attestation in recent years, Tether has managed to maintain its USDT stablecoin parity with the U.S. dollar.
Notably, the Tether team has also started looking beyond stablecoin issuance, as the company recently signaled plans to launch bitcoin mining operations in Uruguay.
With a market capitalization of $83,387,729,665 and a circulating supply of 83,177,035,118, USDT maintains its dominance in the global stablecoin markets.
Source: https://crypto.news/tether-usdt-set-to-go-live-on-the-kava-blockchain/