Tether Signs MOU with Government of Georgia to Develop Blockchain and Peer-to-Peer Infrastructure to Foster Innovation

28 June 2023 – Tether, the company operating the blockchain-enabled platform that powers the first and most widely used stablecoin announced today the signing of a Memorandum of Understanding (MOU) with the Government of Georgia. This strategic collaboration aims to position Georgia as a central hub for peer-to-peer and blockchain technology, igniting a revolution of innovation and economic growth. It also highlights Tether’s commitment to advancing its global strategy of building resilient cities and nations worldwide.

“Through close collaboration with the Government of Georgia, Tether aims to create a flourishing environment for peer-to-peer technology usage,” said Paolo Ardoino, CTO of Tether. “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.”

In order to create a conducive environment for decentralized solutions, adoption, and peer-to-peer technology startups, this collaboration will focus on fostering a thriving startup ecosystem in Georgia. By highlighting the country's favorable working conditions and high quality of life, Tether and the Government of Georgia aim to attract international attention and investment, stimulating the growth and success of innovative startups in the blockchain space.

Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili stated that Tether is interested in investing in Georgia. For this purpose, the company will create a special fund for local startups in order to provide assistance to develop blockchain technologies and position Georgia as a country with an attractive ecosystem for technological startups. “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,” – Deputy Minister stated. 

Nadareishvili added that the cooperation will serve as an important incentive for the further development of the local startup ecosystem. To fuel the growth of the blockchain ecosystem, a dedicated fund will be established to provide investments and grants to startups developing blockchain-based services. This initiative aims to not only support domestic startups but also foster international collaborations, strengthening the cooperation and support among existing entrepreneurial ventures and accelerating innovation.

Recognizing the importance of having a resilient infrastructure, Tether and the Government of Georgia will also explore the development and implementation of a robust and independent communication and financial system. This includes fostering the adoption of digital communications and payment systems based on peer-to-peer technologies, as well as the enhancement of existing infrastructure to ensure its resilience and reliability in supporting blockchain-based solutions. By leveraging the inherent transparency and security of blockchain systems, the partnership aims to transform public administration and the private sector, ensuring the delivery of effective and reliable services to citizens.

Additionally, Tether and the Georgian government will work closely with local academic institutions including a previously announced collaboration with BTU, one of Georgia's top technological universities and research centers, to develop educational programs and initiatives. These efforts will empower students and professionals with the knowledge and skills required to excel in the cryptocurrency industry, covering areas 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, foster innovation, and promote Georgia as a global leader in blockchain and peer-to-peer technologies. This collaboration will not only benefit the local startup community but also elevate Georgia's reputation as an attractive destination for companies and professionals worldwide.

About the Government of Georgia

The Government of Georgia is committed to fostering economic growth, innovation, and technological advancement in the country. By embracing blockchain and peer-to-peer technologies, Georgia aims to create a favorable business environment and position itself as a leading hub for digital innovation in the region.

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