World's Largest Stablecoin To Launch On Kava Blockchain

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.

Timeline of Kava

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​.

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.

Kava (KAVA) token's price fell significantly as the global crypto market capitalization plunged by over $30 billion in just 24 hours. The asset registered three days of consecutive wins from June 5 to June 7.

The cryptocurrency market has been volatile in the last day, with prices often experiencing significant fluctuations. However, while the market plummets, KAVA coin managed to defy the trend by surging 10% in a single day between June 5 and the early hours of June 6.

The news of the U.S. Securities and Exchange Commission's (SEC) crackdown on Binance has fueled the massive and comprehensive tumbling of thousands of cryptocurrencies. While the combined crypto market cap is down by 3.66% to $1.09 trillion, some altcoins, including KAVA, are maintaining a surprising bullish resilience and have refused to join the broader bearish market slump.

KAVA, the native token associated with the Kava platform, has experienced a whirlwind week regarding its price swing. The token, which began the week trading around $1.03, surged to $1.23 on May 23, driven by positive news within its ecosystem.

In an unexpected manner, KAVA has marked a massive 40% surge, outperforming other digital assets and becoming the biggest growth story of the day. However, the reasons behind this extraordinary rise remain elusive, leading to uncertainty about the future prospects of this token.

South Korean exchange UPbit affirmed that the Digital Asset Exchange Association (DAXA) removed investment warnings on WAVES and KAVA and resumed deposits for these assets, according to a May 23 statement. DAXA issued warnings about WAVES and KAVA last year when stablecoins linked to them were discovered to be “not normally linked to 1 dollar”.

Binance, the world's leading cryptocurrency exchange, has revealed plans to back Terra Classic's v2.0.1 and Kava 13 mainnet upgrades. Meanwhile, the trading platform will halt deposits and withdrawals of USTC and LUNC today, 17 May. The same applies to KAVA.

KAVA, the utility token of decentralized blockchain Kava, has been on a strong bullish trend in the last few days. The cryptocurrency maintained this momentum despite the bearish market sentiment in the past week, garnering an impressive 31% price gain.