The issuer of the stablecoin USDT—the company Tether—will add support for the Cosmos platform’s first-layer Kava blockchain.
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.
Read more https://t.co/myCkHhHHud pic.twitter.com/YQFgO5381m
— Tether (@Tether_to) June 21, 2023
The launch of the coin on the new network is scheduled for July 3, 2023.
The Kava blockchain has been operating since 2018. According to a statement, it combines the flexibility of the Ethereum Virtual Machine with speed, low transaction fees, and functional compatibility with Cosmos SDK.
“Kava is a unique and widely used blockchain with a reliable four-year history of secure operation, which is essential to protect USDT users,” said Paolo Ardoino, Tether’s Chief Technology Officer.
The stablecoin, as of writing, operates on several networks, including Ethereum, Solana, Algorand, Avalanche, EOS, Near and Tron.
USDT’s market capitalization stands at $83.2 billion. In June the metric hit new all-time highs (CoinGecko).
Earlier in May, Ardoino said that high profitability of Tether gives the opportunity to explore new business directions. Subsequently, it was disclosed that the issuer of the stablecoin invested $1 billion in a Bitcoin mining project in El Salvador.