The world’s largest stablecoin issuer announces its expansion on Kava (KAVA), an interoperable layer-1 blockchain.
In a new press release, Tether (USDT) says it will be a dollar-pegged crypto asset launch via the Kava network, causing the price of the decentralized finance platform (DeFi) to skyrocket.
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KAVA is trading at $0.934 at the time of writing, a significant 12.9% increase over the past 24 hours.
Paolo Ardonio, Tether’s chief technology officer (CTO), praised the network’s security in the press release.
“We are excited to launch USDT on Kava and provide the strong community with 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 four-year track record with no security vulnerabilities, which is essential for protecting USDT users.
Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users around the world.”
In addition to Kava, USDT currently operates on Ethereum (ETH), Polkadot (DOT), Solana (SOL), TRON (TRX), and the BNB Chain.
Last week, Tether addressed reports that it once owned Chinese securities after the revelations were made public as part of a settlement with the Attorney General of New York (NYAG), which accused the company of failing to responsibly support its stablecoin’s reserves .
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Featured image: Shutterstock/SVPanteon
