Tether – the company behind the world’s largest stablecoin USDT – signed a Memorandum of Understanding (MOU) with Georgia’s government.
The partnership reinforces the firm’s position as “a pioneering infrastructure partner for cities and nations globally” and will assist the country in its effort to become a global center for blockchain technology.
Georgia Strengthens its Position in the Crypto World
According to a document seen by Crypto Potato, the signed collaboration could positively affect both Tether and Georgia. Paolo Ardoino – CTO of the stablecoin-issuer – described the move as “a significant milestone” that could help his organization in its goal to diversify its offerings.
“With a deep understanding of the potential of cryptocurrencies, Tether aims to empower cities and facilitate the adoption of blockchain technologies such as bitcoin as well as peer-to-peer technology solutions such as Keet and Holepunch,” he added.
At the same time, the Memorandum of Understanding will focus on the establishment of a thriving startup ecosystem in Georgia and stimulate the country’s push in the world of crypto. Both Tether and the government of Georgia praised the nation’s high quality of life and favorable working conditions that could attract international investments.
Irakli Nadareishvili – Deputy Minister of Economy and Sustainable Development – said Tether is interested in investing in the region. As such, the company will introduce a fund for domestic startups to assist in the development of blockchain technology and position Georgia as a leader in the field.
“We also agreed on cooperation in the educational field regarding blockchain technology, which will contribute to the development of local blockchain technologies in the country, as well as the introduction of companies operating in this sector in Georgia,” the official revealed.
Tether’s Participation in Lugano
Besides its involvement in Georgia, the company has previously shake hands with the authorities of the Swiss city of Lugano.
The deal, inked last year, aimed to scale the town’s blockchain capabilities and make Bitcoin (BTC) and USDT legal tender in the area.
CTO Ardoino praised the initiative, highlighting the success El Salvador had after declaring the primary cryptocurrency official payment method inside its borders:
“El Salvador’s GDP increased by 10% and its tourism by 30% after declaring Bitcoin a legal tender. Imagine what we can do in a city at the center of Europe.”