In a major move, Tether Operations Limited, the company behind the stablecoin Tether (CRYPTO: USDT), has announced the launch of its US dollar-pegged tokens on the Kava (CRYPTO: KAVA) blockchain.
Kava is known for its scalability and speed, making this a significant addition for Tether.
Kava’s Unique Co-chain Design
Kava, a layer-1 blockchain established in 2018, features a unique co-chain design, blending the adaptability of the Ethereum virtual machine with the velocity, economical transaction fees, and cross-chain capabilities of Cosmos’ software development kit.
Kava’s distinct architecture permits users to exploit Cosmos’ “zones” attribute embedded in the Kava protocol. Furthermore, Kava recently rolled out its “Kava 13” mainnet update, which has bolstered its framework by providing enhanced security, scalability, functionality, and speed.
Tether And Kava Join Forces
Paolo Ardoino, chief technology officer at Tether told Benzinga that Tether strongly believes in the importance of supporting the adoption of stablecoin technology across multiple blockchains, and the best way to demonstrate its commitment to Cosmos users was launching on the Kava Network.
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He lauded Kava’s exemplary performance over the past four years, highlighting its impeccable security record as a crucial factor for safeguarding Tether users.
“Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide,” he said.
A Game Changer For Tether
Tether is accessible on various networks, including Ethereum, Solana (CRYPTO: SOL), Algorand (CRYPTO: ALGO), EOS (CRYPTO: EOS), Liquid Network, Omni (CRYPTO: OMNI), and Tron (CRYPTO: TRON).
Background On Tether’s Dominance
It’s essential to note that Tether has been experiencing significant growth, with its market capitalization reaching an unprecedented $83.5 billion recently. This showcases Tether’s increasing dominance, as it continues to gain market share over its primary rival, USD Coin (CRYPTO: USDC), which has a market cap of $28 billion.
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