Leading stablecoin issuer Tether has announced a Memorandum of Understanding (MoU) with the government of Guinea, signaling a potential push for blockchain technology adoption in the West African nation.
The collaboration aims to explore the use of blockchain and peer-to-peer technologies to foster economic growth and position Guinea as a regional leader in digital transformation.
The agreement focuses on education, innovation, and sustainable technology practices, a company announcement points out. A key component involves potential collaboration with the Cité des Sciences et de l’Innovation de Guinée (City of Science and Innovation of Guinea) to develop blockchain expertise and educational programs across both public and private sectors.
Tether also aims to support Guinea’s “Innovation City” project, a government initiative designed to foster a hub for technology, research, and entrepreneurship.
“We are thrilled to collaborate with the Republic of Guinea to possibly unlock the immense potential of blockchain and digital technologies across Africa,” said Paolo Ardoino, CEO of Tether.
The company highlighted its prior involvement in similar initiatives, including the Plan ₿ Forum in Lugano, Switzerland, and projects in Türkiye, Uzbekistan, and the Ras Al Khaimah region.
Tether’s Influence Keeps Growing
The MoU comes at a time in which the stablecoin giant has been recording massive profits and expanding its influence beyond the cryptocurrency sphere, having recently announced in popular Italian football club Juventus.
Tether has been deploying the large amount of cash it generates through the reserves backing leading stablecoin USDT across various industries, including in Bitcoin mining projects in countries including Uruguay, Paraguay, and El Salvador.
The company has also entered the oil trading market after financing a $45 million crude oil transactions late last year, while also exploring lending opportunities in traditional finance. Other investments the firm has made include in peer-to-peer communication, aricultural projects, biotech, and artificial intelligence.
