World’s Largest Stablecoin To Launch On Kava Blockchain

Tether Operations Limited (Tether), the company behind the popular stablecoin, has revealed its plan to launch USDT tokens on the Kava, a layer-1 blockchain founded in 2018. This move aims to provide Kava’s community with access to the world’s first, most trusted, and widely used stablecoin.

USDT Now Available on Kava

Tether announced in its blog that U.S. dollar-pegged Tether tokens (“USDT”) will be launched on Kava, known for its scalability and speed. Paolo Ardoino, the Chief Technology Officer at Tether, expressed excitement about the partnership, stating,

“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.”

Ardoino also highlighted the Kava network’s impressive track record of four years with zero security issues, emphasizing the importance of protecting USDT users. Tether’s decision to launch on the Kava platform further strengthens its position as the leading stablecoin in the market.

Kava announced last month about its “Kava 13” mainnet update, upgrading its infrastructure to offer users greater security, scalability, functionality, and speed.

How Stable is Stablecoin?

Tether has been at the forefront of the stablecoin concept, and its tokens are already live on various networks such as Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.

Recently, Bloomberg reported that Tether Holdings Ltd., the issuer of USDT, reportedly once held securities issued by Chinese companies as part of its reserves. Last week, CoinGape reported USDT dominance within the Curve 3pool, the liquidity pool for stablecoins. The unusual influx of USDT has triggered concerns about the stablecoin’s stability and also led of whales selling off significant amount of USDT tokens, leading to a slight depeg.

CoinGape reported on May 12, 2022, that the token is down 4.8% to 0.9508- its lowest level since the 2017 crypto crash. USDT has the largest market cap of $83 billion and has noticed a significant surge in its trading volume in last 24 hours. Compared to yesterday, the volume has gained 76.45%, reaching $35 billion.

AD

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.