It’s official: Tether takes another step forward on advancing crypto adoption, recently signing a Memorandum of Understanding (MOU) with the government of Georgia to develop a blockchain, Bitcoin, and peer-to-peer infrastructure to promote innovation.
Below are all the details.
Tether and crypto adoption: recent developments
As anticipated, Tether recently signed a memorandum of understanding with the government of Georgia to develop a blockchain, Bitcoin, and peer-to-peer infrastructure to promote innovation.
As we know, Tether is the company behind the tether.to platform, which supports the first and most widely used stablecoin.
The agreement, enshrined in a Memorandum of Understanding (MoU), aims to establish Georgia as a hub for peer-to-peer and blockchain technology.
The goal is to spark a revolution in innovation and economic growth. This strategic collaboration also highlights Tether’s commitment to pursuing its global strategy of building resilient cities and nations around the world.
Paolo Ardoino, CTO of Tether, said the following on the matter:
“Through close collaboration with the Government of Georgia, Tether aims to create a flourishing environment for peer-to-peer technology usage. 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. In an ever-evolving digital landscape, Tether recognizes the need to embrace change and diversify its offerings beyond stability. 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.”
Tether’s goals: DeFi solutions, startups, adoption and more
With the goal of fostering decentralized solutions, adoption, and peer-to-peer technology startups, the collaboration between Tether and the government of Georgia will focus on fostering a growing startup ecosystem in the country.
Through advantageous working conditions and a high quality of life, Tether and the Georgian government intend to attract international attention and investment by promoting the growth and success of innovative startups in the blockchain sector.
Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, announced Tether’s interest in investing in Georgia, stating the following:
“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 this end, the company will create a special fund for local startups, providing assistance for the development of blockchain technologies and positioning Georgia as a country with an attractive ecosystem for tech startups:
Nadareishvili stressed that this collaboration is an important stimulus for the further development of the local startup ecosystem.
In order to fuel the growth of the blockchain ecosystem, a dedicated fund will be established for investments and grants to startups developing services based on blockchain technology.
This initiative aims not only to support domestic startups, but also to foster international collaborations, strengthening cooperation and support among existing business initiatives and accelerating innovation.
Tether and the partnership with Georgia: future prospects and adoption
Recognizing the importance of a resilient infrastructure, Tether and the government of Georgia will engage in the development and implementation of a robust independent financial and communication system.
This will involve promoting the adoption of digital payment and communication systems based on peer-to-peer technologies, as well as enhancing the existing infrastructure to ensure its resilience and reliability in supporting blockchain-based solutions.
By leveraging the inherent transparency and security of blockchain systems, this partnership aims to transform the public and private sectors, ensuring the effective and reliable delivery of services to citizens.
In addition, Tether and the Georgian government will work closely with local academic institutions, including the previously announced collaboration with BTU, one of the top technology universities and research centers in Georgia, to develop educational programs and initiatives.
These efforts will provide students and professionals with the knowledge and skills necessary to excel in the cryptocurrency industry, covering topics 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, promoting innovation and positioning Georgia as a global technology leader in blockchain and peer-to-peer.
This collaboration will not only benefit the local startup community, but also help elevate Georgia’s reputation as an attractive destination for companies and professionals from around the world.
Will Tether reach $6 billion by 2023?
According to some analysts, Tether could become one of the most profitable companies in the United States this year, with earnings potentially exceeding even that of asset manager BlackRock.
Cryptocurrency industry analysts responded to the Barron’s report on Tether’s rise as a stablecoin issuer. Its profits in 2023 are expected to reach $6 billion due to the fact that USDT is backed by high-yielding US Treasury bonds.
On 22 June, Barron’s reported that Tether, as a stablecoin company, is outperforming competition from other cryptocurrencies. It functions like a bank, investing people’s deposits in reserves like treasury bonds, yielding a 5% return.
Castle Island Ventures partner Nic Carter commented on the report with ETF expert Nate Geraci on June 25:
In addition, the company reported that its excess reserves surplus reached a new all-time high in the first quarter, amounting to $2.44 billion, including $1.48 billion in net income.
According to the report, with projected profits of $6 billion for this year, the company establishes itself as a “financial giant.”