In another step for Bitcoin’s global adoption, Tether, the issuer of the largest stablecoin by market cap, announced today, June 28, a partnership with the government of the Eastern European country of Georgia. Via Twitter, the company led by Paolo Ardoino wrote:
Exciting news! #Tether and the Government of Georgia are teaming up to make Georgia a global powerhouse in Bitcoin, peer-to-peer communications, and blockchain technology.
Bitcoin Powerhouse In The Making?
Ardoino explained via Twitter that he has spent the last three days in Tbilisi, Georgia. Ardoino praised the beauty of the country and announced that Tether and the Georgian Ministry of Economy have signed a memorandum of understanding to collaborate on various issues.
These include education about Bitcoin and blockchain technology, payment infrastructure for merchants, and resilient, open and private peer-to-peer communication systems based on Holepunch’s technology.
Ardoino is co-founder and CSO of the company, which provides a collection of Javascript modules to create an unlimited variety of P2P applications, from VPNs to communication tools like Keet. The latter is a peer-to-peer chat app developed with the Holepunch platform that allows anyone to create applications that don’t use servers.
In an official press release, Deputy Minister Irakli Nadareishvili also states that Tether is interested in investing in Georgia. For this purpose, the company will establish a special fund for local startups. In addition, a cooperation in the “education sector” was agreed upon.
“For this purpose, the company will create a special fund for local startups, which will help them develop blockchain technology and position Georgia as a country with an attractive ecosystem for technology startups,” said Nadareishvili.
The strategic cooperation thus aims to position Georgia as a central hub for peer-to-peer and blockchain technology and trigger 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 Ardoino, who further commented:
This collaboration not only marks a significant milestone for Tether […]. 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.
The initiative also aims to not only support domestic startups, but also foster international collaborations, strengthen collaboration between existing entrepreneurial ventures, and accelerate innovation.
Tether Could Trump BlackRock
In a recent blog post, Tether boasted that they could earn this year more than the largest asset manager in the world, BlackRock. Tether will apparently earn $6 trillion this year, in contrast to BlackRock’s $5.5 trillion. In addition, the crypto giant, which brought in a record $1.48 billion net profit in the first quarter of the year, is also handing out side blows to the traditional financial world.
Tether was able to effortlessly make redemptions of more than $20 billion in about 20 days during the Black Swan events in 2022, zhe company says as one of its milestones. “No other bank in financial history” has managed to do this without going bankrupt. Remarkably, Tether has been investing some of its profits in Bitcoin since the beginning of the year, which certainly benefits the price.
At press time, BTC changed hands for 30,372, remaining in a tight trading range.
