Tether Issues USDT on Kava Blockchain; KAVA Token Climbs 5%

Tether has issued its stablecoin (USDT) on layer 1 blockchain Kava as it looks to enhance liquidity across multiple blockchains, according to a press release.

Kava's native token (KAVA) surged as much as 4.8% to $0.937 before receding to $0.912. It remains more than 12% higher over the past 24 hours amid a wider crypto market recovery, CoinMarketCap data show.

The Kava blockchain's mainnet was upgraded last month with improvements being made to transaction speeds and the functionality of cross-chain bridges.

USDT is currently supported on Ethereum, Tron, Binance Smart Chain, Solana and Bitcoin via Omni.

The stablecoin's market cap hit an all-time high of $83.5 billion last week as it extracts market share from its main competitor, USD Coin (USDC), which has a market cap of $28 billion.

Edited by Sheldon Reback.

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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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