Tether, the largest stablecoin issuer, plans to turn Switzerland’s ninth-largest city, Lugano, into Europe’s crypto capital.
Tether hopes to revolutionize the financial industry by transforming the city’s economic system and bringing blockchain to the city. It is unclear how the company will do this. According to the statement, more details on the subject will be given in March.
The city of Lugano announced in November the launch of the city’s own blockchain based on the Ethereum-based Proof-of-Authority consensus algorithm.
With greater adoption of technology, more cities and even countries continue to operate on various crypto-focused projects every day. Numerous countries have taken action, particularly on the CBDC issue.
Lugano, with a population of 69,000, is among Europe’s smaller cities, but still, crypto adoption has the potential to make the city even more important.
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