NAPP of Uzbekistan and Tether Sign an agreement to look into blockchain and digital assets

The National Agency of Perspective Projects (NAPP) of Uzbekistan is partnering with Tether, the creator of USDT, the most valuable stablecoin in the world by market capitalization. The country’s cryptocurrency regulation is the responsibility of NAPP.

According to a press statement from Tether dated March 7, the signing of the MOU is a strategic agreement with the goal of establishing Uzbekistan as a frontrunner in blockchain and peer-to-peer (P2P) technologies.

The collaboration will also investigate several related topics, such as blockchain technology, stablecoins, and tokenization. Larry Fink of BlackRock is among the prominent figures in the business who have recently supported tokenization as a potential new frontier.

Proof of the value of tokenization can be seen in the rapid rise of stablecoins like USDT, which is issued on many blockchains (e.g., Tron and Ethereum). Each USDT in circulation follows the value of one USD.

Tether will help build the crypto regulatory framework and policies as part of this partnership. Press materials indicate that Tether will be instrumental in developing and launching Uzbekistan’s cryptocurrency and payment system. Official preparations for the launch of Uzbekistan’s central bank digital currency (CBDC) or token have not been announced yet.

Tether and NAPP have signed an agreement of understanding that will aim to promote technological innovation and economic prosperity. Education on blockchain and crypto will continue to be a priority. Tether’s worldwide vision of creating “resilient cities and countries” will remain alive and well.

Totaling 66,465 BTC, Tether’s acquisition of Bitcoin (BTC) in Q4 2023 was $380 million. In September 2022, the business began buying bitcoin, first buying 33,980 bitcoin.

In addition to buying and selling, Tether is also involved in energy generation and Bitcoin mining. Among the many centers that have benefited from the company’s hundreds of millions of dollars in investments are mining companies in South America and Northern Data AG.

Also Read: Elon Musk’s Tesla Bitcoin Investment Accumulates An Unrealized Profit Of $230M March 8, 2024