DJ Tether Launches USDt On Kava
Chainwire Tether Launches USDt On Kava 06-Jul-2023 / 17:31 GMT/BST The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Cayman Islands, Cayman Islands, 07/06/23, Chainwire Native USDT unlocked on Cosmos. Tether's USDt, the world's most liquid, secure, and transparent stablecoin, has successfully launched on Cosmos via Kava, marking a significant milestone in the expansion of the Cosmos DeFi ecosystem. The integration of Tether's USDt on Kava makes deep stablecoin liquidity across Cosmos' Inter-Blockchain Communication (IBC) and Ethereum Virtual Machine (EVM) ecosystems easily accessible. With native USDt issued on Kava, the Cosmos ecosystem's limited growth, fragmented liquidity, and exaggerated volatility get addressed by the addition of natively issued USDt for users and developers. Native USDt brings Cosmos dApp and appchains, and EVM dApp users a secure and universally adopted canonical stablecoin. Scott Stuart, Co-Founder of Kava, expressed his excitement for the successful integration, "Our support for Tether's USDt integration unlocks much-needed stablecoin liquidity across the Cosmos and EVM ecosystems. Tether's choice makes Kava a key support and a strong ally for Cosmos ecosystem projects building out the Internet of Blockchains." Unlike external third-party bridge solutions which create fragmented pools of wrapped assets, with the launch of Kava 14, USDt natively issued on Kava can move between IBC and EVM blockchains via an 'internal bridge' with tight access controls and restrictions that greatly reduce attack vectors. Kava makes moving assets across chains fast and highly secure and provides users with an efficient mechanism for stablecoin liquidity provision and transfer. 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 challenging since the collapse of Terra's UST in Q1 2022. Deploying Tether, a stablecoin with a strong market reputation and 65% dominance, will also offer increased security and reliability to users and developers alike. Paolo Ardoino, CTO at Tether stated, "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. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide." About Kava Kava (kava.io) is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide. For more updates, follow Kava on Twitter. Disclaimer This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens. Contact Media Manager Guillermo Carandini Kava guillermo.carandini@kava.io =---------------------------------------------------------------------------------------------------------------------- Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =----------------------------------------------------------------------------------------------------------------------
1674603 06-Jul-2023
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(END) Dow Jones Newswires
July 06, 2023 12:31 ET (16:31 GMT)
