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

Tether is looking to improve the stablecoin's liquidity across multiple blockchains.

AccessTimeIconJun 21, 2023 at 10:35 a.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Oliver Knight

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

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.