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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.
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.
STORY CONTINUES BELOW
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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
