Tether, the issuer of USDT stablecoin, has announced the launch of its stablecoin on the layer 1 blockchain, Kava. Prior to this collaboration, USDT stablecoin has already been present on various other blockchain networks, most notably Ethereum, Algorand, and Solana.
According to the official announcement, USDT stablecoin is currently supported on around 14 blockchain networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Kusama, Omni, and Tron.
Kava experiences a significant price surge following positive news.
According to an official announcement on Twitter, USDT is set to launch on Kava on July 3rd.
Quoting from the announcement, Paolo Ardoino, the CTO of Tether, stated:
“We are delighted to launch USDT on Kava, providing the strong community with access to the world’s first, most stable, reliable, and widely used stablecoin.”
Following the announcement, the price of the KAVA token has surged by nearly 11% in the past 24 hours. The token is currently trading at $0.9023 with a market capitalization of $525.9 million.
The TVL of Kava has surpassed 200 million USD
Kava’s TVL is lower compared to other projects integrating USDT, such as Ethereum, Solana, and Tron. TRON surpasses Kava significantly in terms of user adoption, boasting over 2.6 million daily active users. Kava’s TVL stands at $223.86 million, while Tether reached an all-time high market capitalization of $83.5 billion last week. USD Coin (USDC) is a main competitor to USDT with a market capitalization of $28 billion.
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