The largest stablecoin issuer in the world is announcing its expansion ontp Kava (KAVA), an interoperable layer-1 blockchain.
In a new press release, Tether (USDT) says that its dollar-pegged crypto asset will be launching over the Kava network, sending the decentralized finance (DeFi) platform’s price skyrocketing.
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KAVA is trading for $0.934 at time of writing, a significant 12.9% increase during the last 24 hours.
Paolo Ardonio, the chief technology officer (CTO) of Tether, commended the network’s security in the press release.
“We’re thrilled to be launching USDT on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin. 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.”
Besides Kava, USDT currently operates on Ethereum (ETH), Polkadot (DOT), Solana (SOL), TRON (TRX), and the BNB Chain.
Last week, Tether addressed reports that it once held Chinese securities after its disclosures were made public as part of a plea settlement with the New York Attorney General (NYAG) who accused the firm of not responsibly backing the reserves of its stablecoin.
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