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(Kitco News) - Tether, the firm behind USDT, the largest stablecoin by market capitalization, has announced that it signed a Memorandum of Understanding (MOU) with the Government of Georgia to help the country develop its Bitcoin and peer-to-peer blockchain technology infrastructure.
According to a press release shared with Kitco Crypto, the goal of this collaboration is to “position Georgia as a central hub for peer-to-peer and blockchain technology, igniting a revolution of innovation and economic growth.”
“Through close collaboration with the Government of Georgia, Tether aims to create a flourishing environment for peer-to-peer technology usage,” said Paolo Ardoino, CTO of Tether. “This collaboration not only marks a significant milestone for Tether but also reinforces its position as a pioneering infrastructure partner for cities and nations globally.”
The collaboration will focus on highlighting Georgia’s favorable working conditions and high quality of life to attract international attention and investments and create a conducive environment for decentralized solutions, adoption, and peer-to-peer technology startups.
As part of the collaboration, Tether will create a special fund for local startups to provide assistance with the development of blockchain technologies and position Georgia as a country with an attractive ecosystem for technological startups.
The dedicated fund will provide investments and grants to startups developing blockchain-based services and is intended to support domestic startups and foster international collaborations, which will help “strengthen the cooperation and support among existing entrepreneurial ventures and accelerate innovation.”
“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,” said Irakli Nadareishvili, Georgia’s Deputy Minister of Economy and Sustainable Development.
Nadareishvili added that the cooperation will serve as an important incentive for the further development of the local startup ecosystem.
On the infrastructure side, Tether and the Government of Georgia will also explore the development and implementation of a robust and independent communication and financial system.
“This includes fostering the adoption of digital communications and payment systems based on peer-to-peer technologies, as well as the enhancement of existing infrastructure to ensure its resilience and reliability in supporting blockchain-based solutions,” the release said. “By leveraging the inherent transparency and security of blockchain systems, the partnership aims to transform public administration and the private sector, ensuring the delivery of effective and reliable services to citizens.”
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The collaboration will also work closely with local academic institutions to develop educational programs and initiatives that provide students and professionals with the knowledge and skills required to succeed in the cryptocurrency industry, covering areas such as blockchain technology, stablecoins, and peer-to-peer systems.
“By joining forces with the Government of Georgia, Tether aims to strengthen the blockchain ecosystem, foster innovation, and promote Georgia as a global leader in blockchain and peer-to-peer technologies,” the release said. “This collaboration will not only benefit the local startup community but also elevate Georgia's reputation as an attractive destination for companies and professionals worldwide.”
“In an ever-evolving digital landscape, Tether recognizes the need to embrace change and diversify its offerings beyond stability,” Ardoino said. “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.”
