KAVA price jumps over 10% as Tether (USDT) launches on Kava L1 blockchain.
The leading stablecoin in the United States, Tether (USDT), has found a new way to become more mainstream through the Kava network, a blockchain designed for speed and scalability. According to the announcement, Tether USDT will work closely with the Kava blockchain to shape the future of decentralized finance.
Following the announcement, the Kava chain’s native coin, KAVA, increased more than 10 percent in the past 24 hours and traded around $0.9117 on Wednesday. However, the coin is down 90 percent from its all-time high (ATH) of about $9.12, which was achieved during the crypto bull market of 2021.
Kava Blockchain Meets Tether (USDT)
Stablecoins are essential in the cryptocurrency industry, and the integration of Tether USDT on the Kava chain is expected to have long-term mutual benefits for both ecosystems.
“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,” said Paolo Ardoino, CTO at Tether. “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.”
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Notably, Kava is now part of a growing list of blockchains that have integrated Tether USDT, which has a market capitalization of about $83.66 billion. The stablecoin is currently available on several other blockchains, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron. Additionally, the Binance cryptocurrency exchange provides its global users with a BEP20 version of Tether USDT by holding underlying assets from other blockchains.
The Kava network has been preparing for mainstream adoption since its official launch in 2018. Additionally, the Kava network was established with a co-chain design that uses the Ethereum virtual machine (EVM) and the interoperability of the software development kit of the Cosmos ecosystem.
Last month, the Kava team announced that Kava 13 mainnet is available for public use. The Kava 13 update enables users to enjoy more security, scalability, functionality, and faster transaction speed.
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
Bigger Picture
The integration of Tether USDT into the Kava network is a clear indication that the cryptocurrency industry in the United States has a bright future despite the periodic legal actions by the SEC, the CFTC, and the New York Attorney’s Office. Additionally, the Kava chain is a low-cap ecosystem with a fully diluted valuation of about $528 million and a 24-hour trading volume of about $27.2 million.
