- The Cosmos ecosystem, renowned for its cross-chain technology, has announced Tether’s introduction on its Kava network, resulting in an 11% surge in Kava’s price.
- Tether’s integration with Kava underscores its commitment to blockchain expansion and represents the first foray of the stablecoin into the Cosmos ecosystem.
The Cosmos ecosystem, a trailblazer in cross-chain infrastructure, is set to heighten its liquidity options with Tether’s arrival on its Kava network. This progression follows a substantial upgrade to the Kava blockchain, reaffirming its stature as a nimble, high-performing platform. The inaugural minting of Kava-oriented USDT is slated for July 3, 2023.
Tether Limited, which issues USDT, the most considerable stablecoin globally, recently ratified the inclusion of Kava in its list of supported blockchains. The announcement emphasized the unique blend of features that Kava offers. It combines the noteworthy capabilities of the Ethereum Virtual Machine (EVM) with the speed, affordability, and interoperability inherent to Cosmos SDK. With the latest Kava 13 upgrade, it enhanced its transaction speed and throughput, escalating its charm as a cross-chain solution.
Expressing his zeal for the recent development, Paolo Ardoino, CTO at Tether, stated:
“We’re delighted to introduce USD₮ on Kava, granting its vibrant community access to the foremost, stable, trustworthy, and most extensively used stablecoin. With a robust four-year security track record, the Kava network is vital in safeguarding USD₮ users. Our collaboration aims to redefine decentralized finance, nurturing a comprehensive ecosystem that benefits users globally.”
Tether’s integration with Kava denotes another stepping stone in its continued cross-blockchain expansion. Earlier, USDT was successfully launched on various blockchain networks including Ethereum, Solana, Algorand, Eos, Tron, Near Protocol, Avalanche, Liquid Network, and Omni solutions. Specifically, Tron, with its minimal transaction fees, dominates USDT issuance, accounting for $46 billion of its $83 billion market capitalization.
The integration news stirred excitement among the Kava community, marking the first time the renowned stablecoin has merged with the Cosmos ecosystem. Kava token holders’ enthusiasm was immediately mirrored in its price, which soared from $0.82 to over $0.92 within hours, outperforming several leading altcoins with double-digit gains.
The inclusion of Tether on Cosmos’ Kava blockchain introduces new cross-chain liquidity avenues within the Cosmos ecosystem. With the advantageous blend of EVM’s features and the efficiency of Cosmos SDK, Kava is positioned to offer a streamlined and cost-efficient platform for USDT transactions.