The digital currency have been aiming to enhance liquidity and facilitate smooth transactions across multiple networks for a while. As such, stablecoin giant Tether has recently expanded its reach by launching USD Tether tokens (USD₮) on Kava, a scalable layer-1 blockchain platform. This significant achievement has been celebrated across the decentralized finance (DeFi) sector, as businesses can now accept USDT on Kava, fostering a robust and inclusive ecosystem. NOWPayments is excited to have listed USDT IRC20 to be available for payments and more!
Understanding Kava: A Crucial Player in the Crypto World
Kava, established in 2018, has quickly risen to prominence due to its unique design and functionality. It combines the versatility of the Ethereum Virtual Machine with the speed, low transaction fees, and interoperability provided by the Cosmos software development kit, one of the largest organic ecosystems in the crypto world.
Kava’s Unique Architecture
Kava’s exceptional architecture allows users to leverage Cosmos’ “zones” feature. This unique capability was further enhanced with the recent rollout of the “Kava 13” mainnet update, offering users improved security, scalability, functionality, and speed.
Kava’s Performance Metrics
When it comes to performance metrics, Kava is a clear standout. On-chain assets amount to more than $625M, with bridged asset transactions surpassing $2.5B. The average transaction fee stands at a minimal $0.0001.
Tether’s USD₮: The Pioneering Stablecoin
Tether, the company behind USD₮, has been at the forefront of the stablecoin revolution. USD₮, pegged to the U.S. dollar, is considered the first, most trusted, and widely used stablecoin.
Tether’s Expansive Network
Tether’s USD₮ has already been launched on several networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron. By enabling businesses to accept USDT on Kava, Tether continues to solidify its position as the most adopted stablecoin.
The Kava-Tether Collaboration: A Win-Win Partnership
Tether’s decision to launch USD₮ on Kava is a testament to Kava’s robust track record. Over the past four years, Kava has maintained impeccable security with zero reported issues, making it the ideal platform for protecting USD₮ users. From now on, you can use USDT IRC20 in your business.
Impact on the DeFi Ecosystem
This partnership between Tether and Kava is set to reshape the future of DeFi, fostering a more robust and inclusive ecosystem that benefits users worldwide. The addition of USD₮ to Kava will help address the Cosmos ecosystem’s growth limitations, fragmented liquidity, and exaggerated volatility.
Advantages for Developers and Users
The integration of Tether’s USDT on Kava will provide deep stablecoin liquidity across Cosmos’ Inter-Blockchain Communication (IBC) and Ethereum Virtual Machine (EVM) ecosystems. This move will offer a secure and universally adopted, canonical stablecoin to Cosmos DApp and appchains as well as EVM DApp users.
Accept USDT on Kava: A Game-Changing Opportunity
The ability to accept USDT IRC20 via NOWPayments offers numerous opportunities for businesses. It enhances stablecoin liquidity, addresses issues of fragmented liquidity, and paves the way for the expansion of the DeFi economy on Cosmos.
Improved Security and Reliability
Tether, with an impressive market dominance of about 65%, offers increased security and reliability to users and developers. The integration of Tether’s USDT on Kava greatly reduces attack vectors, making asset transfers across chains fast and highly secure.
Solving Liquidity Challenges
The launch of Tether’s USDT on Kava is expected to solve the liquidity problem that has been a challenge since the collapse of Terra’s UST in Q1 2022. This move could catalyze a significant expansion of the DeFi economy on Cosmos, providing a compelling solution to liquidity issues.
NOWPayments Support for USDT on Kava
NOWPayments, a leading cryptocurrency payment gateway, has announced the support for USDT on Kava. This means businesses can now accept USDT Kava payments easily and securely.
Conclusion
Tether’s integration with Kava marks just the beginning of an exciting journey in the DeFi landscape. We can expect more advancements and innovations in this space, offering enhanced functionalities and benefits to users worldwide.
In conclusion, Tether’s launch on Kava is a significant milestone in the DeFi sector. As businesses continue to accept USDT on Kava, it is expected to reshape the future of decentralized finance, paving the way for a more robust and inclusive ecosystem. This move also reaffirms Tether’s position as the most widely adopted stablecoin, ensuring enhanced security and reliability for users and developers.