2023-7-7 19:15 |
An important step has been taken in the development of the Cosmos DeFi ecosystem with the successful introduction of Tether’s USDt, the market’s most liquid, secure, and transparent stablecoin, on Cosmos via Kava.
With the inclusion of Tether’s USDt on Kava, deep stablecoin liquidity is now accessible across the Ethereum Virtual Machine (EVM) and Inter-Blockchain Communication (IBC) ecosystems of Cosmos. The addition of natively issued USDt for users and developers addresses the Cosmos ecosystem’s constrained development, dispersed liquidity, and exaggerated volatility. Users of EVM dApps and Cosmos dApps now have access to a safe and widely used canonical stablecoin thanks to Native USDt.
“Our support for Tether’s USDt integration unlocks much-needed stablecoin liquidity across the Cosmos and EVM ecosystems. Tether’s choice makes Kava a key support and a strong ally for Cosmos ecosystem projects building out the Internet of Blockchains.” – Scott Stuart, Co-Founder of Kava.
With the release of Kava 14, USDt natively issued on Kava can transfer between IBC and EVM blockchains via an “internal bridge” with rigorous access controls and limits that significantly decrease attack vectors, in contrast to external third-party bridge solutions that generate fragmented pools of wrapped assets. Kava offers customers a productive mechanism for stablecoin liquidity provision and transfer, making moving assets across networks quick and extremely secure.
The DeFi economy on Cosmos might thus potentially grow significantly as a result of this integration, offering a convincing answer to the liquidity issue that has been a problem ever since Terra’s UST collapsed in Q1 2022. Using Tether, a stablecoin with a solid track record and a 65% market share, will also give consumers and developers alike more security and dependability.
Paolo Ardoino, CTO at Tether, stated, “The Kava network is a unique and widely followed blockchain with a robust track record of four years with zero security issues, which is essential to protecting USDt users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”
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