Tether is making major moves to solidify its presence in several crypto markets.
On May 31, the stablecoin issuer behind USDT Tether revealed plans to extend its presence in Georgia through a strategic investment in a wide-reaching payment processing firm, CityPay.io.
CityPay.io operates across an extensive network of over 600 locations throughout Georgia, serving an array of customers, including prominent entities such as Wendy’s and Radisson Hotels.
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Through its strategic stake in CityPay.io, Tether aims to refine Georgia's payment industry, bolstering efficiency and user-friendliness. Regarding the matter, CityPay.io CEO Eralp Hatipoglu stated:
<Tether's> investment will enable us to accelerate our growth and bring our services to more customers across Georgia. We look forward to working closely with Tether to bring greater innovation and efficiency to the payment industry.
Georgia has earned a reputation as an attractive destination for cryptocurrency businesses due to its forward-thinking regulatory environment. It has drawn the attention of a handful of firms aiming to establish their operations within its borders.
Based on the announcement, Tether is the first stablecoin to invest in CityPay.io. When talking about the investment, Tether Chief Technology Officer, Paolo Ardoino, noted:
Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step towards achieving that goal.
Earlier in the year, in March, cryptocurrency giant Binance established a blockchain hub in Georgia. The initiative, often called a “Web3 outpost," is designed to encourage the broader acceptance of cryptocurrencies within the nation.
Tether's strategic investment in CityPay.io symbolizes a growing interest in Georgia's promising cryptocurrency environment. The move not only augments Tether's influence in the region but also contributes to the strengthening of the Georgian digital payment infrastructure.
Recently, Tether made major moves to solidify its presence in various regions. On May 30th, the company announced plans to commence Bitcoin (BTC) mining operations in Uruguay.
