Earlier today, on 1st July, Tether, the largest firm in the digital asset industry, inked a Memorandum of Understanding with the Zanzibar e‑Government Authority, or eGAZ.
The agreement aims to promote digital asset education and spur financial innovation in developing regions. It marks a key step in Tether’s vision to strengthen Africa’s digital economy through clear rules and modern tools.
Goals for Financial Inclusion
Under the MoU, Tether and eGAZ will work together to lay the groundwork for broader financial inclusion. They plan to build local skills and boost understanding of stablecoins, blockchain, and peer‑to‑peer technologies.
By focusing on real‑world use cases, the partners hope to empower both individuals and businesses across Zanzibar.
USD₮ and XAU₮ Integration
Tether will explore integrating its USD₮ and XAU₮ stablecoins into Zanmalipo, Zanzibar’s government payment gateway.
This move could make it easier for residents to access borderless financial tools directly. It may also help local firms accept payments in stable digital tokens, reducing reliance on cash and traditional banks.
Education and Capacity Building
A major goal of the partnership is hands‑on learning. Tether and eGAZ may host workshops throughout Zanzibar to teach stakeholders about Bitcoin, stablecoins, and blockchain.
They will work with academic institutions and research centres to weave blockchain topics into school and university programs. Public and private events will raise awareness and spark new business ideas.
Impact on Zanzibar Economy
By boosting digital infrastructure, the initiative could transform Zanzibar’s financial landscape. Stable digital assets offer a safe way to save and send money across borders.
This may lower costs for remittances and open up new markets for local entrepreneurs. Over time, more people could gain access to financial services that were once out of reach.
Government Support and Innovation
Zanzibar’s government has already signalled its interest in blockchain. It launched a sandbox program this year to test new technologies in a controlled setting.
The MoU with Tether builds on that momentum and shows a commitment to embracing cutting‑edge solutions. eGAZ Director General Said Seif said the deal will help Zanzibar join the global wave of digital asset adoption.
Tether’s Global Mission
This agreement is one of many steps Tether has taken with governments and institutions worldwide. The firm sees education as vital to healthy growth in the digital asset space.
CEO Paolo Ardoino said the MoU marks a turning point, shifting the local scene from informal curiosity to structured progress. He added that clear rules, training, and token integration will create a scalable and inclusive digital economy.
The MoU between Tether and eGAZ represents a historic moment for Zanzibar. It signals the island’s commitment to harnessing blockchain for social and economic benefit.
Also Read: Tether CEO Predicts 1 Trillion AI Agents Trading In USDT And Bitcoin