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Tether, NAPP of Uzbekistan Sign MoU to Explore Blockchain, Digital Assets

Tether, the issuer of the world’s largest stablecoin by market cap, USDT, is collaborating with the National Agency of Perspective Projects (NAPP) of Uzbekistan. NAPP is tasked with crypto regulation in the country.

Tether Partners With NAPP Of Uzbekistan

In a press release on March 7, Tether said the signing of the Memorandum of Understanding (MOU) signifies a strategic deal aiming to position Uzbekistan as a leader in peer-to-peer (P2P) and blockchain technology.

The collaboration will also explore the development and adoption of blockchain, stablecoins, and tokenization, among others. In recent months, industry leaders, including BlackRock’s Larry Fink, have backed tokenization as the next frontier. 

The success of stablecoins, mainly USDT, the token issued on multiple blockchains, including Ethereum and Tron, highlights the benefit of tokenization. Every USDT in supply tracks the value of USD. 

As part of this collaboration, Tether will also contribute to developing the crypto legal framework and policy. According to the press release, Tether will help create and implement Uzbekistan’s digital currency and payment infrastructure. Uzbekistan has yet to officially announce plans to release its central bank digital currency (CBDC) or token.

The MoU between Tether and NAPP will also look at stimulating economic growth and contributing to tech innovation. Further efforts will be made to promote blockchain and crypto education. Tether’s global strategy of building “resilient cities and nations” will continue to live on with this initiative. 

Buying Bitcoin And Investing In Mining Farms

In Q4 2023, Tether bought $380 million worth of Bitcoin (BTC), bringing its total haul to 66,465 BTC. The company started purchasing BTC in September 2022, initially acquiring 33,980 BTC. 

Besides direct purchases, Tether is active in Bitcoin mining and energy production. The firm has invested hundreds of millions of dollars in building mining firms in South America and financing other centers, including Northern Data AG.

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