Tether Joins Forces With Kava: A New Era For Stablecoins And Scalable Blockchains

In a major move, Tether Operations Limited, the company behind the stablecoin Tether (CRYPTO: USDT), has announced the launch of its US dollar-pegged tokens on the Kava (CRYPTO: KAVA) blockchain. Kava is known for its scalability and speed, making this a significant addition for Tether.

Timeline of Kava, Tether

Tether Operations Limited (Tether), the company behind the popular stablecoin, has revealed its plan to launch USDT tokens on the Kava, a layer-1 blockchain founded in 2018. This move aims to provide Kava's community with access to the world's first, most trusted, and widely used stablecoin.

Tether Operations Limited, the entity behind the pioneering USDT stablecoin, has announced its expansion to the Kava blockchain. However, this strategic move further solidifies Tether's position as the most widely adopted stablecoin and promises to enhance liquidity across multiple blockchains​.

India is on the verge of a banking revolution, as J.P. Morgan, one of the world's leading investment banking firms, joins forces with six major Indian banks to implement blockchain technology for 24/7 transactions. This partnership marks a significant step toward utilizing blockchain's potential in facilitating interbank dollar settlements.

Cryptocurrency prices had a strong performance during the weekend. Bitcoin price jumped above $26,000, a strong comeback after falling to $24,500 last week. As a result, the total market cap of all cryptocurrencies jumped to over $1.07 trillion. Other altcoins like Shiba Inu, Zcash, Monero, and Kava also jumped sharply.

Documents provided to the New York Attorney General's office as part of Tether's settlement in 2021 reveal that the company held Chinese securities in the reserves backing its stablecoin USDT at the time, Bloomberg News reported.

According to information released by the New York Attorney General (NYAG), Tether, the issuer of leading stablecoin USDT, reportedly deactivated around 29 accounts tied to significant players in the cryptocurrency sphere in 2021. While reasons for the individual account terminations remain undisclosed, the named entities included MoonPay, BlockFi, CMS Holdings, and Galois Capital.

Tether has responded to concerns raised about its recent operational decisions. The New York Attorney General (NYAG) released documents indicating that Tether deactivated approximately 29 accounts belonging to prominent cryptocurrency players in 2021.

On June 15th, Tether's USDT, a popular stablecoin, experienced a significant detachment from its peg, leading to a cascade of effects throughout the market. Despite various explanations to justify this depegging event, its impact remained consistently impactful, as evidenced by multiple metrics.

Documents released from the New York Attorney General's investigation into Tether confirmed rumors that it held securities issued by Chinese companies to support its USDT reserves.

Tether, the issuer of the recently de-pegged stablecoin USDT has finally responded to some issues arising per its operational decisions. Matters Arising and Tether's Response According to details in the released documents by the New York Attorney General (NYAG), the stablecoin issuer reportedly deactivated up to 29 accounts owned by top crypto players two years