The issuer of the leading stablecoin USDT by market capitalization announced signing a memorandum of understanding (MoU) to collaborate with the Georgia government in developing Bitcoin peer-to-peer infrastructure.
Tether to Deliver P2P Infrastructure in Georgia
The MoU tasks Tether with the delivery of the Bitcoin P2P infrastructure projected to revolutionize public administration and business sector operations. The MoU details the strategic collaboration for Tether to assist the Georgian government in building critical P2P infrastructure that will nurture a thriving ecosystem for startups.
Tether chief executive Jan Ludovicus Velde lauded the MoU as vindicating the stablecoin issuer as a mainstay player in the digital assets ecosystem. He noted that the collaborative effort seeks to transform Georgia into an investment-ready environment for decentralized space.
Besides attracting international attention, Velde perceives the partnership as the basis for bolstering P2P tech growth at a national level. Its accomplishment would lay the groundwork for Georgia’s government to build critical financial tools around the ecosystem. The announcement by Tether identifies critical areas prioritized in the collaborated project of developing Bitcoin awareness and blockchain technology.
Tether’s spokesperson indicated the firm would build the payment infrastructure merchants will utilize. Additionally, it will embark on nurturing resilience for an open P2P communication system.
Tether Responsible to Deliver Independent Financial Infrastructure
The partnership seeks to deliver an independent financial infrastructure that will integrate strong communication infrastructure. Tether’s update reveals that the process will involve encouraging merchants to adopt the digital payment founded upon the P2P technology.
As the development partner, Tether’s role involves reinforcing the existing infrastructure to guarantee its dependability and robustness to support blockchain-based solutions. The Velde-led firm behind the largest stablecoin USDT in market capitalization is counting on the Georgia government’s support to introduce and patronize the changes within the public administration. Its accomplishment will enable the partners to extend the changes to the business sector jointly.
The MoU reveals that the Georgia government would establish a special fund targeting financing local startups. Tether will leverage the startups to assist in developing blockchain technologies. The fulfillment of this mandate will position Georgia as an attractive ecosystem to nurture tech startups.
The Deputy Minister for Economy and Sustainable Development, Irakii Nadareishvili, lauded the collaborative effort with a proven performer. Although noncommittal, he indirectly acknowledged Tether’s stablecoin USDT, commands an $83.23 billion market cap with a daily trading volume of $23.88 billion.
The Deputy Minister perceives the collaborative effort will foster blockchain tech development in Georgia. Its success will transform Georgia into an alternative crypto center to launch operations.
The move by Tether to partner with Georgia replicates the trend where multiple crypto firms closely work with various governments. The partnership target is advancing technology in the host country. Often, collaborations lay the groundwork to improve tech understanding by the host governments. Such awareness eventually translates to crypto-friendly regulation.
El Salvador pioneered making Bitcoin a legal tender in a project where Bitfinex was the primary exchange technology partner. El Salvador would reward Bitfinex with the initial digital asset license to run digital exchange services.
Binance similarly had in May 2022 reached an MoU with the host Kazakhstan in May 2022. The government would later reward Binance by approving its compliance.
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