The market's largest stablecoin, Tether (USDT), is expanding its blockchain network.
Tether announced today that it will launch USDT pegged to the US dollar on Kava, a layer-1 blockchain designed for scalability and speed.
After Tether's Kava announcement, Kava's native token KAVA rose 5%.
After KAVA, which went up to $ 0.937, it regressed to $ 0.898.
Tether CTO Paolo Ardoino said in a statement:
“At Kava, we are excited to launch USDt, which offers strong community access to the world's first, most stable, reliable and most widely used stablecoin.
The Kava network is a unique and widely followed blockchain with a solid four-year track record with zero security issues necessary to protect USDT users.
Together, we aim to reshape the future of decentralized finance by fostering a robust and inclusive ecosystem that benefits users around the world."
USDT currently supports Ethereum (ETH), Tron (TX), Avalanche (AVAX), Algorand (ALGO), Polygon (MATIC), and Near Protocol (NEAR) and Solana (SOL) apart from Kava.
*Not investment advice.