[PRESS RELEASE – Cayman Islands, Cayman Islands, July 6th, 2023]

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 app chains, 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.

The post Tether Launches USDt on Kava appeared first on CryptoPotato.

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Filed under: Bitcoin - @ July 7, 2023 6:02 am