Lugano teams up with Tether to drive blockchain adoption across the city
Date: 2023-08-22 Author: Karina Ziganova Categories: BLOCKCHAIN
Tether, the issuer of the USDT stablecoin, has announced a partnership with the Swiss city of Lugano to improve the city’s robust blockchain infrastructure, according to an Aug. 22 Tether report.
As part of the partnership, Tether will host and operate a validator node partnering with 3Achain in Lugano, the official city-sanctioned blockchain that underpins Luga in Lugano (LVGA). Lugano was the first city in Switzerland and one of the first in the world to launch its LVGA stablecoin.
3Achain, a collaboration between public, private and academic partners, integrates security, scalability and decentralization into the Lugano blockchain system.
The new Tether alliance with 3Achain is expected to expand Lugano's blockchain infrastructure, which forms the backbone of local business and operates the city's own stablecoin.
Plan ₿ initiative
As members of the Plan₿ initiative, Lugano and Tether are actively accelerating the adoption and use of blockchain technology. This technology serves as the basis for a major overhaul of Lugano's financial infrastructure.
The statement released by Tether claims that the city uses Bitcoin and Tether for transactions with more than 350 local vendors and intends to include payments for municipal services such as taxes and parking. The city also recognizes its homegrown digital currency, the LVGA token, as an official medium of exchange.
The decision to host and operate the validator node for 3Achain is in line with the Memorandum of Understanding signed between Lugano and Tether in March 2022.
“Tether’s partnership with 3Achain will provide much-needed scalability and stability as Lugano continues to evolve as the Bitcoin and blockchain capital of the region,” said Paolo Ardoino, CTO of Tether.
Plan₿ Lugano, a joint initiative with Tether, aims to make the most of Bitcoin technology to reshape the city's financial infrastructure. This plan aims to expand the reach of blockchain and Bitcoin throughout the city in a way that will positively impact the daily lives of Lugano residents.
Blockchain technology will be integrated to support the fabric of citywide financial exchanges, from minor transactions with local retailers to larger transactions such as tax payments.
