22 August 2023 – Tether, the company behind tether.to, the blockchain-enabled platform powering the world's first and most widely used stablecoin, announced today that they are officially partnering with the Lugano-led 3Achain, to bolster the expansion of the city’s dynamic blockchain infrastructure.
Lugano holds a special place as the first city in Switzerland and among the first worldwide to introduce its own stablecoin called Luga (LVGA), for which Tether is hosting and managing a validator node for the 3Achain, the official blockchain promoted by the City of Lugano and underlying infrastructure of LVGA.
A joint venture powered by public, private, and academic partners, 3Achain is built to combine the elements of security, scalability, and decentralization into Lugano’s blockchain. In collaboration with 3Achain, Tether will play an active role in fostering and enhancing the expansion of Lugano's blockchain infrastructure, which serves as the backbone for local businesses and drives the city's native stablecoin.
As participants in the Plan ₿ initiative, Lugano and Tether have joined forces to expedite the adoption and utilization of blockchain technology, serving as the cornerstone for the city's financial infrastructure transformation. Beyond welcoming Bitcoin and Tether for transactions at over 350 local merchants and soon for municipal payments like taxes and parking, Lugano also embraces its proprietary digital currency, the LVGA token, as an official medium of exchange. The decision to host and manage a validator node for the 3Achain is yet another step forward in the implementation of the Memorandum of Understanding signed by Lugano and Tether in March 2022.
“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,” said Paolo Ardoino, CTO of Tether. “I urge other municipalities to loop and learn from the impressive visionary administration that is powering the future of Lugano.”
To learn more about the Plan ₿ initiative and how blockchain technology is transforming Lugano’s financial system, visit https://planb.lugano.ch.
About Plan ₿
Lugano’s Plan ₿ is a joint initiative between the City of Lugano and Tether to accelerate the use of and leverage bitcoin technology as the foundation to transform the city’s financial infrastructure.
The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano. From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city’s financial exchanges.
