USDT issuer Tether has announced the launch of its stablecoin on the Layer 1 blockchain, Kava.
The stablecoin USDT is currently supported on Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron.
Kava Price Jumps
According to the announcement, USDT will go live on Kava on July 3.
Paolo Ardoino, the CTO of Tether, says:
“We’re thrilled to be launching USDT on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin.”
After the announcement, the price of the KAVA token increased up by almost 11% in the past 24 hours. The token is currently trading at $0.9023, with a market capitalization of $525.9 million.
While Kava hosts USDT, its Total Value Locked (TVL) is lower than some of its peers, such as Ethereum, Solana, and Tron. Whereas, in terms of users, TRON beats Kava by a significant margin. It boasts over 2.6 million daily active users.
According to data from DefiLlama, the TVL of Kava stands at $223.86 million.
The Tether’s market cap hit an all-time high of $83.5 billion last week. Its main competitor is USD Coin (USDC), which has a market cap of $28 billion.
Read our detailed stablecoin guide here.
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