Tether to launch USD₮ on Kava

Tether has announced that it will soon launch its US dollar-pegged stablecoin on Kava. It is a layer-1 blockchain that helps partners claim much-needed speed and scalability. USD₮ represents Tether’s stablecoin and was last seen being traded just above the one-dollar mark.

The launch goes live on July 3, 2023, per the announcement by team Tether. They have acknowledged that Kava is a gateway to the Cosmos Ecosystem. The layer-1 blockchain is credited with having had zero security issues in the last four years.

Paolo Ardoino, the Chief Technical Officer of Tether, has said that they are thrilled to be launching USD₮ on Kava’s blockchain network, adding that this will give its community access to a stablecoin that is much more stable and trusted by the community of holders and traders. Paolo has also highlighted that their aim is now to reshape the future of DeFi, short for decentralized finance. They will simultaneously target developing an inclusive and robust ecosystem.

The CTO of Tether acknowledged that Kava is distinguished by its uniqueness and large consumer base.

USD₮ is currently live on the blockchain networks of Ethereum, Tron, Algorand, EOS, Solana, Omni, and Liquid Network. The announcement about launching Tether’s native token on Kava further cements its position as a stablecoin that is widely accepted in the sphere of digital tokens.

Kava is an ideal partner for the launch of USD₮. Tether, in its announcement, stated that Kava brings the flexibility of EVM (Ethereum Virtual Machine) along with the benefits of speed, low transaction costs, and the functionality of interoperability.

Adding spice to those features is the benefit of being able to leverage the potential of zones featured in the Kava protocol.

The collaboration between Tether and Kava follows the successful launch of the Kava 13 mainnet update. This has so far served its users well by giving them scalability, security, and functionality along with speed. KAVA was last seen exchanging hands at $0.9603. 

Assuming it keeps going with such developments in the months to come, the KAVA forecast predicts the value to go above the $2 mark by the end of 2023. That is a highly optimistic value, with the minimum possibility being $0.85.

For now, the community is waiting for July 3, 2023, so they can experience USD₮ on the Kava Blockchain. Responses from their sides make it evident that excitement is all over the digital area. Some of them have congratulated the team for this, while others have expressed their bullish sentiments toward the launch.

Talking a bit more about USD₮’s value in the future, the year 2026 is likely to be a turning point. Its trading value could cross the mark of $4 to make way for positive growth toward the decade’s end. Despite being pegged to the USD, fluctuating will be part and parcel of USD₮’s journey.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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