1. BITBILIHome
  2. Article

Tether expands stablecoin reach, USDT now on Kava blockchain

• 44 views

TL;DR Breakdown

  • Tether has launched its stablecoin, USDT, on the Kava blockchain, strengthening its leadership in the stablecoin market.
  • According to Tether’s CTO, this new stride is set to benefit Kava’s community and further decentralize finance.
  • The announcement triggered a surge in Kava’s token value and followed a record high in Tether’s market capitalization, indicating ongoing market dominance.

Description

Tether Operations Limited, the entity behind the pioneering USDT stablecoin, has announced its expansion to the Kava blockchain. However, this strategic move further solidifies Tether’s position as the most widely adopted stablecoin and promises to enhance liquidity across multiple blockchains​. Kava, a layer-1 blockchain founded in 2018, is known for its innovative co-chain design that … Read more

Tether Operations Limited, the entity behind the pioneering USDT stablecoin, has announced its expansion to the Kava blockchain. However, this strategic move further solidifies Tether’s position as the most widely adopted stablecoin and promises to enhance liquidity across multiple blockchains​.

Kava, a layer-1 blockchain founded in 2018, is known for its innovative co-chain design that offers an ideal foundation for Tether’s dollar-pegged tokens. It combines the flexibility of the Ethereum virtual machine with high-speed transaction processing, low fees, and interoperability of Cosmos’ software development kit. This unique architecture enables users to take full advantage of Cosmos’ “zones” feature within the Kava protocol, thereby adding to its attractiveness for stablecoin integration​.

Tether’s decision to launch on the Kava platform is expected to benefit Kava’s vibrant community significantly. “We are delighted to introduce USDT on the Kava network,” stated Paolo Ardoino, CTO at Tether. “Kava boasts an exceptional track record of four years without any security issues, which is vital for safeguarding USDT users. Together, we aspire to reshape the future of decentralized finance, fostering a resilient and inclusive ecosystem that benefits users worldwide,” he added, expressing enthusiasm about the partnership​. 

Tether’s stablecoin dominance and the impact on Kava 

Already integrated with several networks, including Ethereum, Tron, Binance Smart Chain, Solana, and Bitcoin via Omni, Tether continues to broaden its footprint in the realm of decentralized finance​.​ This new collaboration with Kava is poised to reinforce Tether’s leadership position in the digital token landscape.

The announcement of Tether’s integration with Kava coincided with a surge in Kava’s native token (KAVA), which saw an increase of as much as 4.8% to $0.937 before settling back to $0.912, according to CoinMarketCap. This rise reflects a broader recovery in the crypto market and an increased interest in Kava due to the recent expansion.

Kava’s mainnet was upgraded last month to improve transaction speeds and the functionality of cross-chain bridges, further reinforcing its infrastructure for better security, scalability, and speed. This enhancement, coupled with the integration of USDT, is expected to fuel growth and resilience in the Kava ecosystem​.

Tether’s market capitalization recently hit an all-time high of $83.5 billion, gradually gaining market share from its main competitor, USD Coin (USDC), which has a market cap of $28 billion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Tether expands stablecoin reach, USDT now on Kava blockchain

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月23日 18:34
Next 2023年6月23日 20:04

Related articles

  • Bitcoin holdings on exchanges continue to decline drastically

    TL;DR Breakdown Bitcoin held on crypto exchanges has continued to witness a massive decline. Implications for custodianship and investor confidence. Description In a notable shift within the cryptocurrency landscape, the quantity of Bitcoin (BTC) held in addresses linked to centralized exchanges has reached its lowest point in over five years. This development, while reflecting a growing market sophistication, brings about both positive and negative implications for the crypto industry. Cryptoquant report shows a 4% decline in … Read more In a notable shift within the cryptocurrency landscape, the quantity of Bitcoin (BTC) held in addresses linked to centralized exchanges has reached its lowest point in over five years. This development, while reflecting a growing market sophistication, brings about both positive and negative implications for the crypto industry. Cryptoquant report shows a 4% decline in BTC holdings According to on-chain data analytics service CryptoQuant, the exchange reserve of Bitcoin has witnessed a 4% decline this month, settling at 2 million BTC (equivalent to $54.5 billion). This figure represents the lowest exchange reserve since early January 2018. This trend is indicative of…

    Article 2023年9月1日

  • U.S. House Rules committee sets meeting on debt ceiling deal

    TL;DR Breakdown The U.S. House Rules Committee is set to discuss the debt ceiling bill on Tuesday, aiming to prevent the U.S. Treasury from running short of money to cover its obligations by June 5. The proposed bill comes as a result of an agreement signed by Joe Biden and Kevin McCarthy to temporarily suspend the debt ceiling and cap some federal spending, aiming to avoid a U.S. debt default. Despite criticism from hardline Republicans and progressive Democrats, there is a broad expectation of support from both sides. In an effort to resolve an imminent financial impasse, the U.S. House Rules Committee is gearing up for a crucial meeting slated for Tuesday, May 30. The objective of this meeting revolves around discussing the prospective debt ceiling bill, a key piece of legislation aimed at staving off a potential U.S. default. This move comes on the back of an alarming notice from the U.S. Treasury, which has warned that its ability to cover all fiscal obligations would likely falter by June 5 without the passage of this critical bill through the…

    Article 2023年6月1日

  • Binance Implements Token Burn Initiative, Significantly Reducing LUNC Supply

    TL;DR Breakdown Binance has conducted its 11th token burn, resulting in the destruction of 2.65 billion Terra Classic (LUNC) tokens. The burn initiative aims to decrease the total token supply and enhance the value and stability of the LUNC ecosystem. Description In a recent move to address the supply dynamics of Terra Classic (LUNC) tokens, Binance, the world’s largest cryptocurrency exchange, has executed its 11th token burn event. This initiative resulted in the destruction of a substantial 2.65 billion LUNC tokens, marking a significant reduction in the overall supply. Binance‘s commitment to reducing the token supply … Read more In a recent move to address the supply dynamics of Terra Classic (LUNC) tokens, Binance, the world’s largest cryptocurrency exchange, has executed its 11th token burn event. This initiative resulted in the destruction of a substantial 2.65 billion LUNC tokens, marking a significant reduction in the overall supply. Binance‘s commitment to reducing the token supply and the subsequent positive market response reflects the exchange’s efforts to enhance the value and stability of the LUNC ecosystem.  Contents hide 1 Binance’s 11th LUNC…

    Article 2023年7月5日

  • BRICS creator calls the idea of creating a common currency ‘absurd’

    TL;DR Breakdown Jim O’Neill has dismissed the idea of the emerging nations within the group establishing their currency, calling it “absurd”. O’Neill expressed his skepticism about the practicality of creating a unified currency for the five nations with vastly different economies. Description Jim O’Neill, who created the BRICS acronym as an economist at Goldman Sachs, has dismissed the idea of the emerging nations within the group establishing their currency. As Brazil, Russia, India, China, and South Africa contemplate expanding the bloc, he labeled the concept of an independent currency as “absurd.”  Looking back over the eight years … Read more Jim O’Neill, who created the BRICS acronym as an economist at Goldman Sachs, has dismissed the idea of the emerging nations within the group establishing their currency. As Brazil, Russia, India, China, and South Africa contemplate expanding the bloc, he labeled the concept of an independent currency as “absurd.”  Looking back over the eight years since he coined the term in a 2001 research note as the bank’s chief economist, O’Neill expressed his view that the BRICS coalition has yet…

    Article 2023年8月15日

  • Worldcoin invests over $4.8 million in blockchain education in Kenya amid controversy

    TL;DR Breakdown Tools for Humanity, a subsidiary of Worldcoin, has invested over $4.8 million in Kenya, primarily for blockchain and cryptocurrency education, through partnerships with local institutions. The investment comes amid controversies, including a temporary suspension of Worldcoin’s operations by the Kenyan government due to concerns about public safety and data privacy. CEO Alex Blania assures the company’s long-term commitment to Kenya and denies allegations that Worldcoin intends to sell users’ biometric data. Description Worldcoin’s subsidiary, Tools for Humanity, has invested more than $4.8 million in Kenya, focusing on blockchain and cryptocurrency education as well as Information and Communication Technology (ICT) awareness. Alex Blania, the CEO of Tools for Humanity, disclosed the investment details during a parliamentary inquiry into the company’s activities in Kenya. It is important to know … Read more Worldcoin’s subsidiary, Tools for Humanity, has invested more than $4.8 million in Kenya, focusing on blockchain and cryptocurrency education as well as Information and Communication Technology (ICT) awareness. Alex Blania, the CEO of Tools for Humanity, disclosed the investment details during a parliamentary inquiry into the company’s activities…

    Article 2023年9月17日
TOP