The Plan Foundation ₿a joint initiative between the city of Lugano and Tetherthe blockchain company behind the world’s leading stablecoin by market capitalization, USD₮, has announced a new collaboration with cryptocurrency payment service provider, GoCryptoto make payments in Bitcoin, Tether and LVGA (the local payment token) officially operational in the city of Lugano.
Earlier this year, Lugano and Tether signed a protocol of agreement to launch a strategic crypto collaboration, which included helping local businesses integrate stablecoins and Bitcoin into their existing payment services. Within this framework, the Plan ₿ Foundation aims to accelerate the adoption of Bitcoin and stablecoins in order to have a positive impact on all facets of the daily lives of the inhabitants of Lugano. The Foundation intends to transform the city’s existing financial infrastructure and has partnered with GoCrypto for this purpose.
In the press release, Paolo Ardoino, CTO of Tether, explained, “We worked together to make sure the technology infrastructure was in place to support this initiative and today all of that hard work is coming to fruition.” GoCrypto payments are now available from a dozen merchants across the city, including companies such as McDonald’s and art galleries. Over the next 25 days, the functionality is expected to expand to allow more businesses in Lugano to accept bitcoins. By the end of 2023, Plan₿’s goal is to enable over 2,500 merchants to accept Bitcoin, Tether, and LVGA.
Tether’s reserves, a subject that continues to generate a lot of ink
In the meantime, Tether continues to multiply interventions to reassure the public about the transparency of the composition of its reserves. Recently, in a tweetArdoino said that 58.1% of assets backing the stablecoin are now US Treasuries.
Tether had been the subject of harsh criticism for the nature of the reserves that guarantee the parity of its stablecoin. Its critics then claimed that the company held significant amounts of Chinese commercial paper, an allegation that had seriously damaged the credibility of USDT, in a then unfavorable environment for stablecoins, following the collapse of Terra.
However, Tether is far from out of the woods: American justice recently ordered Tether’s parent company to produce a number of documents, including books of accounts, cash flow records, and profit and loss statements, proving that USDT is well backed at a 1:1 ratio to the US dollar.
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canadavisit Bitbuy
- To generate interest with your bitcoinsgo to the BlockFi website
- To secure or store your cryptocurrenciesget the Ledger or Trezor wallets
- To trade your cryptos anonymouslyinstall the NordVPN app
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
Stay informed with our free weekly newsletter and to our social networks: