In a groundbreaking stride towards advancing their position in the cryptocurrency domain, the city of Lugano via 3Achain and Tether further solidified their collaboration last week. This strategic alliance, characterized by innovative initiatives, bolsters the city’s reputation as a thriving hub for digital assets.
Unveiling the Visionary Partnership
Lugano, the charming Tessin city nestled in Switzerland, embarked on a path of digital transformation by embracing Bitcoin as a legal tender. Building on this transformative move, a profound partnership was unveiled between the city and Tether, renowned for its stablecoin, USDT.
According to the Swiss Crypto Valley Journal, the partnership affectionately termed “Plan B” envisions not only embracing cryptocurrencies but also fostering a robust blockchain infrastructure.
Pioneering the Stablecoin Ecosystem
A pivotal facet of this collaboration involves the development of Lugano’s proprietary stablecoin, aptly named LVGA. Pegged to the Swiss Franc, LVGA caters to residents’ financial needs, offering a seamless experience through the MyLugano app.
With the 3Achain blockchain technology at its core, LVGA gained recognition from FINMA as a payment token. It’s worth noting that LVGA serves as a local transactional instrument, confined to Lugano’s boundaries, refraining from external trading.
A Confluence of Blockchain Expertise
At the heart of this innovation lies the 3Achain blockchain, an amalgamation of contributions from the public, private, and academic sectors. This blockchain initiative, championed by Lugano, fosters a conducive environment for cutting-edge technologies to flourish.
As a testament to the deepened collaboration, Tether has committed to operating a validation node for the LVGA token blockchain, as affirmed in a press release by the stablecoin issuer.
Radiating Success and Inspiring Change
The blossoming partnership between Lugano and Tether materializes through a comprehensive four-year plan, aligning with the “Plan B” program. This strategic roadmap endeavors to propel blockchain adoption within Lugano’s confines.
The fruits of their labor are already evident – more than 350 local businesses now embrace Bitcoin and USDT, enabling cryptocurrency transactions for everyday purchases.
From Bonds to Bonds: Pioneering Financial Evolution
The innovation emanating from Lugano transcends beyond cryptocurrencies. The city etched its name in history by issuing a pioneering digital bond, underpinned by blockchain technology.
This landmark achievement was promptly acknowledged by the Swiss National Bank, marking the inception of digitally native assets as collateral for SNB repos.
A Vision for the Future and Beyond
The evolving collaboration finds its champion in Paolo Ardoino, Tether’s CTO. Expressing contentment with the progress achieved, The company executive invites other communities to glean insights from Lugano’s visionary administration.
The endeavors undertaken within this partnership radiate a trailblazing spirit, forging a path towards a digital future.
Final Thoughts
Lugano and Tether’s renewed alliance unfurls a tapestry of technological innovation, economic growth, and financial inclusivity. Their strategic collaboration symbolizes the synergy between traditional financial systems and the emergent cryptocurrency landscape.
As they continue to tread this transformative path, the digital future of the Swiss city shines brightly, beckoning other regions to follow suit.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.
