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

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

By Oliver Knight
AccessTimeIconJun 21, 2023 at 10:35 a.m. UTC
A kava farm (Scot NElson/Flickr/Wikimedia Commons)
A kava farm (Scot NElson/Flickr/Wikimedia Commons)
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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.

VolumeMuteUnmute

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    • 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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

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

    Follow @OKnightCrypto on Twitter

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