Tether USDT is now on Kaia Blockchain

Tether USDT is now on Kaia Blockchain

Tether, has deployed natively Tether’s USD₮ on the Kaia blockchain, a layer 1 blockchain that exclusively powers the Web3 Mini Dapp accessible within LINE Messenger by LINE NEXT. Kaia’s DLT Foundation is also registered in the UAE at ADGM.

As per the announcement, the collaboration is expected to deliver USD stablecoin offerings to more than 200 million Asia’s mainstream LINE users, enhancing the everyday application of digital assets. USD₮ will be supported across LINE’s messenger-based Mini Dapp platform and self-custodial wallet infrastructure. As a result, by launching USD₮ on Kaia’s rapidly growing Web3 ecosystem, Tether broadens access to stable transactions of the world’s largest stablecoin to LINE’s 200 million monthly active user base. Meaning, users will be able to utilize USD₮ across Mini Dapps for in-app payments, cross-border transfers, and decentralized finance (DeFi) activities, all within the familiar LINE environment.

LINE NEXT Inc. is LINE’s venture dedicated to developing and expanding the Web3 ecosystem. Currently, Kaia is exclusively powering the Mini Dapp and Dapp Portal ecosystem accessible within LINE Messenger.

Mini Dapps built on the Kaia blockchain are set to introduce a wide range of features powered by USD₮, offering users a seamless digital asset experience within LINE Messenger.

Key features of LINE NEXT’s USD₮ initiatives include rewards, where users can complete missions within various Mini Dapps and receive rewards in USD₮. In addition, users can conveniently send and receive USD₮ with friends directly through the in-app wallet on LINE Messenger, as well as integration of USDT into Mini Dapp is under consideration.

Among digital assets, USD₮ is widely used stablecoins by investors in cryptocurrency transactions, thanks to its price stability, high liquidity, and flexible convertibility. USD₮ is also widely supported by popular wallets such as Trust Wallet, Metamask, and locally used exchange wallets in Vietnam such as Remitano, ONUS.

“Tether’s native launch on Kaia is another step toward making stablecoins accessible to millions of mainstream users,” said Paolo Ardoino, Tether’s CEO. “Through LINE NEXT’s trusted blockchain infrastructure, over 200 million LINE users will now have a straightforward way to engage with digital assets in everyday life. Tether’s expansion to Kaia underscores its commitment to fostering stablecoin adoption across Asia and beyond.”

“Tether’s decision to natively launch USD₮ on Kaia will accelerate the spread of high-end USD-backed stablecoins in Asia, furthering our hybrid payment solutions in collaboration with LINE NEXT,” said Dr. Sam Seo, Chairman of Kaia DLT Foundation. “With the lowest transaction latency among EVM chains and immediate finality, Kaia’s USD₮ will provide the fastest, easiest, and most reliable user experience available across platforms such as LINE, DeFi, and CEXs.”

“LINE NEXT’s adoption of USD₮ will help establish a dollar-based gateway in Asia,” said Youngsu Ko, CEO of LINE NEXT. “By integrating stablecoin-powered services, we aim to bring Web3 services closer to users’ everyday experience.”
Positioned as a strategic gateway for USD-backed stablecoins in Asia, Kaia and LINE NEXT aim to facilitate the widespread circulation of USD₮ and lay the groundwork for USD₮-enabled Web3 services in the region.

The integration of Tether’s market leading stablecoin into Kaia’s robust blockchain and DeFi ecosystem streamlines on/offramps for fiat-to-digital asset conversion and helps drive LINE NEXT’s broader Web3 ambitions.

The birth of a $1 billion blockchain from the merger of Klaytn and UAE Finschia

The birth of a $1 billion blockchain from the merger of Klaytn and UAE Finschia

Two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus have merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.

Both entities seek to have the biggest Web3 ecosystem in Asia through this merge.

Kaia, the unified blockchain ecosystem, will be launched by the end of June, according to the press release.

In January of 2024, the two blockchain’s announced their intent to merge and sought necessary approvals which were accepted.

“Several parallel tasks for the integration are proceeding smoothly,” Seo Sang-min, chairman of Klaytn Foundation, said at the press conference. “The mainnet will be launched at the end of June, introducing the integrated token and governance system.”

“We are committed to positioning ourselves as a leading blockchain mainnet in the Asian market by collaborating with partners, including LINE Next,” Seo said.

UAE based Finschia Foundation is an independent non-profit organization, based in Abu Dhabi. As per the press release, following the integration of their blockchain ecosystems, a unified foundation will be established in Abu Dhabi, UAE, in June 2024.

Next on the agenda is to communicate with crypto exchanges, where coins from both foundations are listed, to update their listings to Kaia. Integration of both platform’s communities and social channels will also take place.

If successfully integrated, this merger will lead to the creation of a domestic virtual asset project with a market capitalization valued at 1.4 trillion won or $1 billion.

“Our goal to establish a no.1 blockchain in Asia following this merger remains unchanged,” Kim Woo-seok, director of Finschia Foundation, said. “We aim to create technological synergy rather than merely integrating two networks into one.”

“Integrations between large-scale chains are rare, so our project attracts considerable international attention. Our teams are diligently working to make this a successful example,” Seo said.

In December 2023, UAE based Finschia Foundation, NEOPIN, DeFi multichain platform partnered to provide decentralized exchange services. Under the agreement Finschia and NEOPIN would collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.