Tether takes a significant step in solidifying its position in the Georgian crypto and blockchain industry.
Tether, the USDT stablecoin issuer, has struck a deal with Georgia's government to develop critical Bitcoin and peer-to-peer (P2P) infrastructure within the country.
The two entities have formalized their cooperation through a memorandum of understanding (MoU).
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As the cornerstone of the Georgian startup ecosystem, the partnership aims to create a prosperous environment helping the growth of decentralized technologies. This strategic collaboration seeks to foster domestic growth and draw international investment into Georgia's budding decentralized space.
Central to this alliance's objectives is the P2P technology promotion at the state level, encompassing efforts to build robust financial tools. Key focus areas include advancing knowledge of Bitcoin and blockchain technology, developing merchant payment infrastructure, and creating a reliable, open, and private P2P communication system.
In this joint venture, Tether and the Georgian government aspire to expedite the uptake of P2P digital payment and communication systems, bolster existing infrastructures for blockchain solutions, and trigger a transformation in public administration and the business sector.
Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, when commenting on the collaboration, noted:
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.
To support this ambition, Georgia will establish a special fund to aid local startups in their quest to evolve blockchain technologies.
Tether started moving toward expansion in Georgia at the end of May. The stablecoin issuer revealed plans to extend its presence in Georgia through a strategic investment in a wide-reaching payment processing firm, CityPay.io.
Tether's partnership with the Georgian government represents a significant stride in cryptocurrency adoption and infrastructure development. It also exemplifies how collaboration between governments and crypto companies can cultivate a supportive environment for blockchain technologies and promote their widespread use.
