Popular issuer of stablecoins, Tether has launched its U.S dollar-pegged tokens (USDT) on Kava network. In a Wednesday blog post, the firm confirmed the launch. It is worth mentioning that Kava is layer-1 blockchain built specifically for scalability and speed.
According to findings, Kava network thrives through its co-chain design mechanism. It combines the flexibility of the Ethereum virtual machine with speed, low transaction fees, and interoperability feature of the software development kit of Cosmos, one of the biggest ecosystems in the industry.
Meanwhile, Tether CTO Paolo Ardoino gave some insights into the launch on Kava. According to him, the move provides the community with access to the world’s most stable, most trusted, and widely used stablecoin. He further that Kava’s years of experience and expertise are important to secure USDT users. He affirmed the commitment of Tether and Kava to work together to change the future of decentralized finance and the ecosystem for the overall benefit of users.
It is important to note that the launch of USDT has further cemented the place of the asset as the most widely used stablecoin in the world. Today, Tether remains a forerunner in the stablecoin industry. Apart from Kava, the stablecoin is also live on other notable networks such as Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
Tether mints 1 billion USDT on Ethereum
Meanwhile, this launch comes a week after Tether minted 1 billion USDT on the Ethereum network. According to Paolo, the newly minted tokens was geared towards serving as an inventory for the subsequent period of issuance requests and chain swaps. He further that the minting was not an issued transaction even though it was approved.
As part of its efforts to further expand its network, Tether also partnered with Bitfinex. The partnership came into limelight to provide support for the open-source development of Qubes OS. Notably, Tether in conjunction with Bitfinex raised 100,000 USDT for the project. In its announcement, Tether pledged to ensure the usage of the grant in improving data security and privacy in blockchains. Similarly, the Qubes team highlighted the importance of the grant, describing it as a huge boost for its operating system.