Tether and Lugano are strengthening their collaboration of the Plan ₿ initiative, adding a new common purpose: to expand the city’s Luga (LVGA) stablecoin. To do so, Tether has formalized its partnership with 3Achain, led by Lugano.
Summary
Tether and Lugano together to expand 3Achain’s blockchain-based stablecoin Luga (LVGA)
Tether wants to strengthen its partnership with the city of Lugano to expand the city’s stablecoin, Luga (LVGA).
To do so, the company behind the famous USDT stablecoin has announced that it will host and operate a validator node for 3Achain, the blockchain that powers and supports LVGA.
In essence, 3Achain is a joint venture powered by public, private and academic partners, built to combine the elements of security, scalability and decentralization in Lugano’s blockchain.
Tether’s participation plays a fully active role in promoting and enhancing the expansion of Lugano’s blockchain infrastructure, serving as a backbone for local businesses and driving the city’s native stablecoin.
Tether as a 3Achain validator node to power the City of Lugano’s LVGA stablecoin
Tether thus also joins 3Achain to promote the adoption of the LVGA stablecoin in the City of Lugano and throughout the region.
In this regard, Paolo Ardoino, CTO of Tether said:
“In partnering with 3Achain, Tether will ensure that as Lugano continues to grow as the bitcoin and blockchain capital of the region, it will have the scalability and stability to meet these opportunities. I urge other municipalities to loop and learn from the impressive visionary administration that is powering the future of Lugano.”
This decision by Tether mirrors what is already an initiative that binds it to Lugano, namely Plan ₿.
Announced in March 2022, Plan ₿ saw the City of Lugano and Tether Limited, sign a Memorandum of Understanding (or MoU) to make Bitcoin (BTC), Tether (USDT) and Luga (LVGA), legal tender currencies.
This was then realized in October 2022 through collaboration with GoCrypto, a global card and crypto payment infrastructure.
The second Plan B Forum will be held on 20 and 21 October 2023
As early as last December 2022, Tether announced that on 20 and 21 October 2023, the second Plan ₿ Forum will be held in Lugano.
The announcement came just after the first edition in 2022 that had featured a high-level selection of speakers and panels, all together urging financial democratization and Bitcoin adoption.
Not only that, in the first edition, the partnership on economic cooperation between the City of Lugano and El Salvador was also announced, among other things.
Finally, a total of 20,000 Swiss francs worth of transactions were processed in two days of the event, of which more than a thousand were in BTC on the Lightning Network, nearly 130 in USDT and 200 in LVGA.
At that time, there were also nearly 100 merchants throughout the city accepting BTC and USDT and 300 accepting LVGA.
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