June 23, 2023 – Georgetown, Cayman Islands
Tether chooses Kava, a layer one blockchain designed for scalability and speed, as its gateway to the Cosmos ecosystem.
Kava is excited and honored by Tether’s decision to bring the world’s most liquid, secure and transparent stablecoin USDt to Cosmos appchains and Kava EVM DApps.
Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.
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— Tether (@Tether_to) June 21, 2023
Scott Stuart, co-founder of Kava, said,
“Kava’s support of Tether’s USDt integration will help bring stability and unlock liquidity across Cosmos and EVM ecosystems.
“Native USDt issued on Kava will address the limited growth, low liquidity and increased volatility of using the Cosmos ecosystem and help ignite a robust DeFi economy, empowering appchains, EVM DApps and their users with a secure and widely adopted canonical stablecoin.”
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 which proliferate dozens of versions of a wrapped asset, siloing liquidity, discouraging participation and harming user experience natively issued USDt on Kava simplifies the process and offers a streamlined, efficient mechanism for stablecoin liquidity provision and transfer 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 challenging since the collapse of Terra’s UST in Q1 2022.
Deploying Tether a stablecoin with a strong market reputation and an estimated 65% dominance will also offer increased security and reliability to users and developers alike.
In the announcement on June 21, 2023, Paolo Ardoino, CTO of Tether, said,
“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 is a secure, lightning-fast layer one 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
Guillermo Carandini, media manager of Kava