Georgetown, Cayman Islands, June 23, 2023, Chainwire
Tether chooses kava, a layer 1 blockchain designed for scalability and speed, as a gateway to the Cosmos ecosystem. Kava is excited and honored by Tether’s decision to bring the world’s most liquid, secure, and transparent USDt stablecoin to Cosmos App Chains and Kava EVM dApps.
“Kava’s support for the USDt Tether integration will help bring stability and unlock liquidity in the Cosmos and EVM ecosystems. Native USDt issued on Kava will respond to the limited growth, low liquidity, and increased volatility of Cosmos ecosystem usage, and help spark a robust DeFi economy, giving app chains, dApps EVM and their users a secure and widely adopted canonical stablecoin,” said Scott Stuart, co-founder of Kava.
Tether’s decision to integrate USDt natively on Cosmos, using Kava as a hub, will bring accessibility and financial stability to users and developers within the Cosmos ecosystem. Unlike external bridge solutions; that proliferate dozens of versions of a wrapped asset, siloing liquidity, discouraging participation and detracting from user experience; USDt issued natively on Kava simplifies the process and provides a streamlined and efficient mechanism for providing and transferring stable liquidity between the Cosmos and Ethereum ecosystems.
As a result, this integration could potentially catalyze a significant expansion of the DeFi economy on Cosmos, providing a compelling solution to the liquidity problem that has been a problem since the collapse of Terra’s UST in Q1 2022. Deploying Tether, a stablecoin with a strong market reputation and around 65% dominance, will also provide increased security and reliability for users and developers.
“The Kava network is a unique and widely followed blockchain with a strong track record of four years without any security issues, which is critical to protecting USDt users,” said Paolo Ardoino, CTO at Tetherin the June 21, 2023 announcement. “Together, we aim to reshape the future of decentralized finance, fostering a strong and inclusive ecosystem that benefits users around the world.”
About Kava
kava is a secure and super-fast Layer 1 blockchain that combines the development power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to driving innovation and growth, Kava is a trusted choice for developers and users everywhere.
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Disclaimer
This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens.
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kava
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