The Cosmos ecosystem, known for its pioneering cross-chain infrastructure, is set to benefit from increased liquidity options with the introduction of Tether (USDT) on its flagship network, Kava (KAVA). This exciting development comes on the heels of a significant upgrade to the Kava blockchain, solidifying its position as a versatile and high-performance platform. The initial minting of Kava-based USDT is scheduled for July 3, 2023.
Tether (USDT) Expands to Embrace the Cosmos SDK and Ethereum Virtual Machine (EVM) Advantages
Tether Limited, the issuer of the world’s largest stablecoin USDT, recently confirmed the inclusion of Kava (KAVA) in its roster of supported blockchains. In their official announcement, the USDT team emphasized that Kava combines the impressive features of the Ethereum Virtual Machine (EVM) with the speed, low transaction fees, and interoperability of Cosmos SDK. Kava’s recent Kava 13 upgrade further bolstered its throughput and transaction speed, enhancing its appeal as a cross-chain solution.
Paolo Ardoino, the Chief Technology Officer (CTO) at Tether, expresses his enthusiasm for the recent release:
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. 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.
The integration with Kava marks another milestone in Tether’s ongoing expansion across various blockchain networks. Previously, USDT was successfully launched on Ethereum (ETH), Solana (SOL), Algorand (ALGO), Eos (EOS), Tron (TRX), NRipple (XRP) to Power Transactions on Experimental EVM-Compatible Blockchain, Here’s What We Knowear Protocol (NEAR), Avalanche (AVAX), as well as Liquid Network and Omni solutions. Notably, Tron (TRX) stands as the dominant network for USDT issuance, accounting for $46 billion of its $83 billion market capitalization, owing to its low transaction fees.
Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.— Tether (@Tether_to) June 21, 2023
Read more https://t.co/myCkHhHHud pic.twitter.com/YQFgO5381m
Kava (KAVA) Community Excitement and Price Surge
The Kava (KAVA) community eagerly welcomes the arrival of USDT, emphasizing its significance as the first time the popular stablecoin is integrated into the Cosmos (ATOM) ecosystem. The announcement has sparked enthusiasm among KAVA token holders, as reflected in the immediate price surge. Within hours, KAVA experienced a remarkable price jump from $0.82 to over $0.92, outperforming many major altcoins and delivering double-digit gains.
In conclusion, the integration of Tether (USDT) with Cosmos’ Kava (KAVA) blockchain opens up new possibilities for cross-chain liquidity within the Cosmos ecosystem. With its remarkable combination of Ethereum Virtual Machine (EVM) benefits and the efficiency of Cosmos SDK, Kava stands poised to provide a seamless and cost-effective platform for USDT transactions.
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