PANews reported on July 1 that according to an official announcement, Tether signed a memorandum of cooperation with the Zanzibar Electronic Government Administration (eGAZ) to promote digital asset education and the application of blockchain technology in the local area. According to the agreement, Tether may assist in connecting the US dollar stablecoin USDT and the gold stablecoin XAUT to the government payment platform Zanmalipo, and plans to carry out blockchain technology training courses.

Zanzibar has recently launched a blockchain sandbox program. The cooperation aims to improve cross-border payments and savings through digital assets and reduce dependence on traditional banks. Tether CEO said that this will promote the local digital economy from informal exploration to structured development. At present, the cryptocurrency market in Zanzibar is still in its early stages and is mainly carried out through P2P transactions.