Crypto Giant Tether Teams Up With Georgian Government

Tether, the company that makes the USDT coin, is partnering with the Georgian government. They have signed an agreement called a Memorandum of Understanding (MOU). 

To start, Tether will create a fund for Georgian startups working with blockchain technology. This is a type of technology used in cryptocurrencies like USDT. Tether also wants to increase the use of peer-to-peer payment systems in both the government and businesses.

Irakli Nadareishvili, Georgia’s Deputy Minister of Economy and Sustainable Development, said Tether was planning to invest in Georgia. He said this partnership would make Georgia attractive for technology startups.

In the past, Georgia's relationship with cryptocurrency has been mixed. Data from January 2022 shows Georgia only produced 0.23% of the world's Bitcoin. However, mining has been growing since the mid-2010s, and the country uses a lot of its power for this. 

Crypto mining caused power outages and blackouts in Georgia in 2021. Despite this, Georgia still plans to become a crypto "hub" by using EU-style rules.

Tether's MOU is part of its plan to help cities and countries around the world. Paolo Ardoino, the CTO of Tether, said this partnership with Georgia was an important step. Tether plans to help the startup industry in Georgia and teach students about blockchain.

In May, Tether signed another MOU with the University of Business and Technology of Georgia. They agreed to promote cryptocurrency and blockchain education. With few big international companies in Georgia, Tether might have found a way into the Central Asian market.