The USDT issuer firm signed a Memorandum of Understanding (MOU) deal with the Georgian government.
USDT is a first-ranked stablecoin in the crypto sector. Tether is the backend firm that maintains the value of each USDT equal to $1. Tether is a subsidiary of Bitfinex exchange and getting a first-mover advantage in the stablecoin business.
On 28 June 2023, Tether announced that the company signed a memorandum of understanding (MOU) with the government of Georgia.
Under the friendly partnership, Tether will help Georgia to show its position in the world as a digital innovation leader and also will help to give a better boost to the P2P blockchain innovations in the country.
Under the blockchain digital innovations, Tether will also push the adoption of P2P digital payment services in the country for the public & private sectors.
The deputy minister of Georgia Irakli Nadareishvili officially talked about this MoU deal with Tether and said that it will push crypto & blockchain education with innovations in the country.
“We have agreed on cooperation in the educational field regarding blockchain technology. This 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,” the deputy minister said.
Earlier in May of this year, Tether struck a similar MoU deal with the country’s University of Business and Technology of Georgia.
This year the majority of the crypto companies faced the heat of high regulatory uncertainty in the US. Even the top regulated stablecoin firm Circle, the biggest rival of Tether, struggled badly. Under the wave of regulatory uncertainty, USDC stablecoin faced high sell pressure but the whole situation resulted in a better outcome for the USDT stablecoin. The majority of the crypto investors shifted to USDT stablecoin use for daily crypto trade activities.