Tether, the issuer of the world’s largest stablecoin by market value, has signed a memorandum of understanding (MOU) with the West African nation of Guinea to explore the adoption of blockchain and peer-to-peer technology.
In a Feb. 17 blog post, Tether announced that the agreement aims to lay the groundwork for Guinea’s blockchain adoption, fostering an environment conducive to innovation. The partnership will focus on sharing best practices in education, innovation, and sustainable technology.
Blockchain Education and Innovation in Guinea
A key component of the agreement is the development of blockchain expertise and education. Tether plans to implement educational programs across Guinea’s public and private sectors to raise awareness, build skills, and nurture local talent in digital technologies.
“Together, we aim to implement efficient blockchain solutions that benefit both public and private sectors, paving the way for economic growth and establishing Guinea as a leader in technological innovation,” said Tether CEO Paolo Ardoino.
Djiba Diakité, chief of staff for Guinea’s interim president Mamady Doumbouya, emphasized the importance of digital education for the country’s youth. “Our aim is to offer young people the tools they need to meet global challenges and seize the opportunities of the digital world,” Diakité stated.
Supporting Guinea’s ‘Innovation City’ Project
Beyond education, Tether is looking to support Guinea’s “Innovation City” initiative, which seeks to create a hub for tech research and companies. The initiative aligns with the country’s broader strategy to integrate emerging technologies into its economy.
This is not Tether’s first foray into national blockchain partnerships. In March 2023, the firm signed a similar agreement with Uzbekistan’s crypto and capital markets regulator to explore blockchain, stablecoins, and tokenization in the Central Asian nation.
Crypto Adoption in Africa on the Rise
Guinea’s move to embrace blockchain comes amid growing crypto adoption in Africa. A December survey by blockchain firm Consensys revealed that 84% of respondents in Nigeria reported owning a crypto wallet, while 66% of South African respondents said the same. By comparison, only 43% of U.S. respondents reported owning a crypto wallet.
With its latest partnership, Tether aims to position Guinea as a leader in blockchain adoption, leveraging stablecoins and digital innovation to drive economic growth in the region.
