Tether, the issuer of the world’s largest stablecoin in the cryptocurrency market has outlined an ambitious project dubbed as “Plan B” for Switzerland’s ninth-largest city. Announcing the same via Twitter, the platform is aiming to brand Lugano as the “crypto capital of Europe.”
The latest development draws parallel to El Salvador’s landmark decision to make Bitcoin legal tender last year. As per the official statement, Tether is looking forward to revamping the financial sector in the city by transforming its economic system through blockchain technology. It is not specified what the stablecoin firm plans to do, but it is slated to release more details on March 3.
In addition to that, Lugano, the largest city in Italian-speaking southern Switzerland, and Tether plan to hold a press conference at the beginning of March to announce their plans.
Earlier in November, Lugano has announced launching its native blockchain knowns as the 3Achain project that was based on a Proof-of-Authority consensus algorithm linked to the Ethereum blockchain. The newly released blockchain was functioning on open-source technology.
With the increased acceptance of the technology, more cities, and even several nations around the world are working around adopting various cryptocurrencies. Apart from this, numerous countries have stated that they are meticulously working on creating their own Central Bank Digital Currencies or CBDCs that would allow direct implementation of blockchain technologies in the traditional financial system.
That being said, the latest announcement reflects the role of major stablecoin platforms like Tether which has been the driving force in reshaping the crypto landscape.
Tether on an expansion spree
A few months back the platform has announced that its USDT stablecoin is now available on the Avalanche network. Tether’s USDT is currently the largest stablecoin with a market capitalization of $75.2 billion. The asset is also ranked as the fourth-largest cryptocurrency, as per data from CoinGecko.
Despite dominating the stablecoin market, Tether is not looking to slow down the expansion of USDT support across diverse blockchains.
Currently, USDT supports 14 blockchains, including Ethereum, Solana, Algorand, Omni, and Binance Smart Chain (BSC), among others. The stablecoin issuer is planning to go live on more DLT networks in the near future