The move by Tether gives it an enhanced presence in Georgia.

Tether Operations Limited (Tether), the company behind the widely used stablecoin USDT, has announced an increased presence in Georgia with an investment in CityPay.io, a payment processing company operating in over 600 locations across the country. CityPay.io offers seamless payment solutions to various businesses, including Wendy’s and Radisson Hotels. The amount of the investment was not disclosed.

Georgia is experiencing significant growth and interest in cryptocurrency, with a high demand for crypto payment options. It is considered one of the most crypto-friendly countries globally, with a substantial number of Georgians owning some form of cryptocurrency and numerous crypto ATMs available throughout the nation.

Tether’s investment in CityPay.io represents a crucial milestone for the payment processing industry, as it marks the first stablecoin investment in the company. This investment will enable CityPay.io to expand its operations and enhance its services, benefiting customers in Georgia and the CIS region.

Paolo Ardoino, Chief Technology Officer at Tether, said that Tether is dedicated to supporting companies that share their vision of creating a more connected and accessible financial system and the collaboration with CityPay.io is a significant step towards achieving that goal.

Eralp Hatipoglu, CEO of CityPay.io, said Tether’s investment would accelerate the company’s growth and enable them to reach more customers in Georgia.

Earlier, the stablecoin giant had launched plans to venture into bitcoin mining using renewable energy in Uruguay in a bid to diversify its revenue mix.

Tether also intends to allocate up to 15% of its net profit to bitcoin investments, aligning with strategies adopted by companies like Tesla and MicroStrategy.

Related Story:  Tether To Mine Bitcoin In Uruguay Using Clean Energy

Photo by Denis Arslanbekov on Unsplash