Tether to launch its USDT stablecoin on the Kava blockchain

Companies • June 21, 2023, 5:42AM EDT
UPDATED: June 21, 2023, 5:56AM EDT
The Block

Quick Take

  • Tether is set to launch its USDT stablecoin on the Kava blockchain.

Tether is launching its USDT stablecoin on Kava, a Layer 1 blockchain that is built on the Cosmos network, further strengthening its multi-chain presence.

Kava is now one of over a dozen blockchains to host USDT, including Ethereum, Solana, Avalanche, Algorand, Polygon and Near Protocol. "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 USDT users," Paolo Ardoino, chief technology officer at Tether, said in a statement.

Together, Tether and Kava aim to increase the adoption of decentralized finance or DeFi, according to Ardoino.

While USDT is available across many blockchains, its usage on Ethereum and Tron remains the highest, as can be seen on the chart below from The Block's Data Dashboard.

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Tether’s USDT is the largest stablecoin with a current total supply of over 86 billion tokens, per the dashboard.

 


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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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