Tether Partners with Kava: A New Era for Stablecoins and Scalable Blockchains
In a major move, Tether Operations Limited, the company behind the stablecoin Tether USDT/USD, has announced the launch of its USD pegged tokens on the Kava KAVA blockchain/ USD.
Kava is known for its scalability and speed, making it an important addition for Tether.
Kava's unique co-chain design
Kava, a layer 1 blockchain established in 2018, features a unique co-chain design, combining the adaptability of the Ethereum virtual machine with speed, economical transaction fees and cross-chain capabilities of the Cosmos SDK.
Kava's distinct architecture allows users to leverage Cosmos' "zones" attribute built into the Kava protocol. Additionally, Kava recently rolled out its "Kava 13" mainnet update, which strengthened its framework by providing improved security, scalability, functionality, and speed.
Tether and Kava join forces
Paolo Ardoino, CTO 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 launch on the Kava network.
Also read: Did a trader buy Bitcoin at a 450% premium? Unlikely: Price fixes itself after a bug
He praised Kava's stellar performance over the past four years, pointing to its impeccable security record as a crucial factor in protecting Tether users.
"Together, we aim to reshape the future of decentralized finance, fostering a strong and inclusive ecosystem that benefits users around the world," he said.
A game-changer for Tether
Tether can be accessed on various networks, including Ethereum, Solana SOL/USD, Algorand ALGO/USD, EOS EOS/USD, Liquid Network, Omni OMNI/USD, and Tron TRON/USD.< /p>
Background on Tether dominance
It is critical to note that Tether has seen significant growth, with its market capitalization recently reaching an all-time high of $83.5 billion. This shows the growing dominance of Tether, as it continues to gain market share over its main rival, USD Coin USDC/USD, which has a market capitalization of $28 billion.
Read more: Institutional-only crypto exchange EDX markets debut with backing from major financial firms
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In a major move, Tether Operations Limited, the company behind the stablecoin Tether USDT/USD, has announced the launch of its USD pegged tokens on the Kava KAVA blockchain/ USD.
Kava is known for its scalability and speed, making it an important addition for Tether.
Kava's unique co-chain design
Kava, a layer 1 blockchain established in 2018, features a unique co-chain design, combining the adaptability of the Ethereum virtual machine with speed, economical transaction fees and cross-chain capabilities of the Cosmos SDK.
Kava's distinct architecture allows users to leverage Cosmos' "zones" attribute built into the Kava protocol. Additionally, Kava recently rolled out its "Kava 13" mainnet update, which strengthened its framework by providing improved security, scalability, functionality, and speed.
Tether and Kava join forces
Paolo Ardoino, CTO 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 launch on the Kava network.
Also read: Did a trader buy Bitcoin at a 450% premium? Unlikely: Price fixes itself after a bug
He praised Kava's stellar performance over the past four years, pointing to its impeccable security record as a crucial factor in protecting Tether users.
"Together, we aim to reshape the future of decentralized finance, fostering a strong and inclusive ecosystem that benefits users around the world," he said.
A game-changer for Tether
Tether can be accessed on various networks, including Ethereum, Solana SOL/USD, Algorand ALGO/USD, EOS EOS/USD, Liquid Network, Omni OMNI/USD, and Tron TRON/USD.< /p>
Background on Tether dominance
It is critical to note that Tether has seen significant growth, with its market capitalization recently reaching an all-time high of $83.5 billion. This shows the growing dominance of Tether, as it continues to gain market share over its main rival, USD Coin USDC/USD, which has a market capitalization of $28 billion.
Read more: Institutional-only crypto exchange EDX markets debut with backing from major financial firms
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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