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Tether Issues USDT on Kava Blockchain; KAVA Token Climbs 5%
Tether is looking to improve the stablecoin's liquidity across multiple blockchains.
Updated Jun 21, 2023, 10:35 a.m. Published Jun 21, 2023, 10:35 a.m.
Tether has issued its stablecoin on layer 1 blockchain Kava as it looks to enhance liquidity across multiple blockchains, according to a press release.
Kava's native token (KAVA) surged as much as 4.8% to $0.937 before receding to $0.912. It remains more than 12% higher over the past 24 hours amid a wider crypto market recovery, CoinMarketCap data show.
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The Kava blockchain's mainnet was upgraded last month with improvements being made to transaction speeds and the functionality of cross-chain bridges.
USDT is currently supported on Ethereum, Tron, Binance Smart Chain, Solana and Bitcoin via Omni.
The stablecoin's market cap hit an all-time high of $83.5 billion last week as it extracts market share from its main competitor, USD Coin (USDC), which has a market cap of $28 billion.
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