June 21, 2023 — Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, today announced that it will launch U.S. dollar-pegged Tether tokens (“USD₮”) on Kava, a layer-1 blockchain designed for scalability and speed.
Founded in 2018, the Kava network distinguishes itself by being built with a co-chain design that combines the flexibility of the Ethereum virtual machine with the speed, low transaction fees, and interoperability of the software development kit of Cosmos – one of the largest organic ecosystems in crypto. This unique architecture allows users to take advantage of Cosmos’ “zones” feature in the Kava protocol. Last month, Kava announced that it successfully launched its “Kava 13” mainnet update, upgrading its infrastructure to offer users greater security, scalability, functionality, and speed.
“We’re thrilled to be launching USD₮ on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin,” said Paolo Ardoino, CTO at Tether. “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 USD₮ users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”
This announcement further solidifies Tether's position as the most widely adopted stablecoin, having pioneered the concept in the digital token space. The stablecoin is now live on several networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
This press release is not an offer to sell or the solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will only sell or redeem USD₮ pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
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