Tether, the world largest stablecoin issuer by market capitalization, announced on June 28 plans to work with the government of Georgia in creating peer-to-peer (P2P) infrastructures. In the report, the stablecoin issuer confirmed to seal a memorandum of understanding (MoU) outlining the intended purpose of the partnership.
The MoU report mentioned that Tether would support the Georgian authority in developing the revolutionary infrastructure necessary to boost the startup ecosystem. Beyond this, the partners agreed to shape the Georgia landscape to become a center of interest among investors. Through the joint forces, Tether and the Georgian government will onboard more decentralized investors.
Tether Partners with Georgian Government
Referring to the MoU document, the partners plan to implement effective strategies that will accelerate the growth of P2P technology at the national level. The partners agreed to support the development of critical financial tools that would stimulate the development of the P2P space.
Per the report, the partners plan to invest in educating the public on Bitcoin and blockchain technologies. In addition, Tether intends to provide technical and technological support to enable the Georgian government to create a payment system for retail clients.
The partners will also consider revamping the P2P communication network in Georgia. In a statement, the stablecoin issuer pledges to support the Georgian government in establishing a robust financial and communication system. The Tether team will join hands with the Georgian authority to push for adopting a P2P digital payment platform and innovative communication systems.
Moreover the partners will prioritize improving the existing financial and communication tools to support the growth of blockchain-based technologies. On the other hand the community believes that the partnership between Tether and the Georgian authority would transform the public and private sectors.
How will Tether Transform Georgia’s P2P Sector?
In a press release, the chief technology officer at Tether, Paolo Ardoino mentioned that the stablecoin issuing company has remained committed to improving global strategies and expanding its product line. The CTO asserted that the stablecoin issuer would focus more on enhancing towns by increasing the adoption of emerging technologies such as blockchain, P2P, and Bitcoin.
In his report, Arduino mentioned Keet and Holepunch tech firms that leverage P2P technologies to provide innovative solutions to the public.
Elsewhere the deputy minister of economic and sustainable development in Georgia, Irakli Nadareishvili, revealed that Tether has a growing interest in investing in Georgia. The minister opined that in the coming day, the stablecoin issuing company plans to establish a unique funding project to offer financial support to early Georgian startups.
Nadareishvili added that Tether’s funding project would support the growth of blockchain technology in the region. Primarily the stablecoin issuing company plans to create a friendly environment for technological startups in Georgia.
In his concluding remarks, the minister outlined the need to involve scholars from different fields to improve the suitability of the Georgian market and attract more companies to join the vibrant market.
