Context

Symbiosis uses the USDC stablecoin on Kava to enable cross-chain operations for that blockchain. The USDC on KAVA is a pegged stablecoin minted by Multichain. Recently, KAVA started supporting the USDT stablecoin released by Tether.

Proposal

• Switch Symbiosis to the USDT stablecoin on KAVA. The switch includes:
• Incorporating support for the new token in Symbiosis contracts.
• Routing transactions through the new USDT token for KAVA.
• Removing support for the USDC token on KAVA in Symbiosis contracts.
• Switching cross-chain farming scheme for KAVA.

Key Points

• The USDT stablecoin by Tether presents a valuable advantage in the volatile - DeFi landscape. Therefore, integrating it into the Symbiosis protocol would be a great asset.
• Using the new token may result in improved rates for cross-chain operations.
• The token switch process has been done before for another supported blockchain and went smoothly.