Leading stablecoin platform Tether announced an official partnership with Lugano-led blockchain initiative 3Achain to strengthen the growth of Lugano's blockchain infrastructure.
The collaboration will see Tether host and manage a validator node for 3Achain, which serves as the foundation for Lugano's native Luga (LVGA) token and broader crypto adoption goals.
Lugano aims to position itself at the forefront of blockchain innovation through initiatives like LVGA and acceptance of crypto for government services. Tether's involvement will support the continued development of its technology ecosystem.
Driving Mainstream Adoption
In a press release, Tether CTO Paolo Ardoino said the company's role in validating 3Achain transactions would help ensure Lugano has the stability and scalability to pursue its vision as a blockchain hub.
Lugano has embraced crypto, becoming one of the first cities to launch a municipal stablecoin in Luga (LVGA). It also allows payments in Bitcoin and Tether for over 350 local merchants.
By managing infrastructure for LVGA, Tether seeks to enable the next phase of mainstream blockchain integration. This includes plans like allowing crypto to pay taxes and parking fees.
Ardoino urged other cities to follow Lugano's model in leveraging blockchain to "power the future." The partnership exemplifies Tether's broader efforts to drive real-world crypto utility.
As participants in Lugano's Plan ₿ initiative, both Tether and the city aim to accelerate blockchain adoption to transform financial services.
Plan ₿ focuses on scaling crypto and its underlying technology throughout the municipality to impact daily life.
By collaborating with 3Achain, Tether contributes to this vision of blockchain integration. 3Achain combines elements of decentralization, security, and scalability to meet Lugano's needs.
Tether's involvement represents steady progress since the partners signed an MOU in March 2022. Their shared commitment to innovation is coming to fruition through initiatives like 3Achain.