Tether, the issuer of stablecoin USDT, has announced a partnership with the Swiss city of Lugano to enhance the city’s robust blockchain infrastructure, according to a report by Tether on Aug. 22.

As part of the partnership, Tether will host and manage a validator node partnering with Lugano’s 3Achain, the official city-sanctioned blockchain that underpins Lugano’s Luga (LVGA). Lugano was the first city in Switzerland and one of the first globally to launch its stablecoin, LVGA.

3Achain, a collaboration between public, private, and academic partners, integrates security, scalability, and decentralization into Lugano’s blockchain system.

Tether’s new alliance with 3Achain is expected to nurture and promote the enlargement of Lugano’s blockchain infrastructure, which forms the backbone of local businesses and drives the city’s native stablecoin.

Plan ₿ initiative

As participants in the Plan ₿ initiative, Lugano and Tether are actively accelerating the adoption and usage of blockchain technology. This technology serves as the bedrock for Lugano’s financial infrastructure overhaul.

A statement released by Tether affirms that the city uses Bitcoin and Tether for transactions with over 350 local vendors and intends to incorporate such payments for municipal services like taxes and parking. The city also acknowledges its home-grown digital currency, the LVGA token, as an official means of exchange.

The decision to host and manage a validator node for the 3Achain realizes the Memorandum of Understanding signed between Lugano and Tether in March 2022.

“Tether’s partnership with 3Achain will provide the necessary scalability and stability as Lugano continues to evolve as the bitcoin and blockchain capital of the region,” said Paolo Ardoino, CTO of Tether.

Lugano’s Plan ₿, a joint initiative with Tether, aims to maximize the use of Bitcoin technology to reshape the city’s financial infrastructure. This plan envisages broadening blockchain and Bitcoin’s reach throughout the city in a way that positively affects everyday life for Lugano residents.

Blockchain technology will be integrated to support the structure for citywide financial exchanges, from minor transactions with local retailers to more significant operations such as tax payments.

The post Lugano teams with Tether to drive citywide blockchain adoption appeared first on CryptoSlate.

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Filed under: Bitcoin - @ August 22, 2023 1:23 pm