Tether to Establish Presence in Georgia via Investment in CityPay.io
- The issuer of USDT, Tether, has announced its investment in CityPay.io, a leading payment processing firm.
- The partnership is aimed at achieving “greater innovation and efficiency in the payment industry in Georgia.
- This is the first of the many steps that the stablecoin issuer will take to expand its operations in Georgia.
- Tether recently revealed that it would purchase the world’s largest crypto, Bitcoin (BTC), for its stablecoin reserves.
Tether, the issuer of the largest stablecoin by market capitalization, USDT, has set its goal to expand its presence in other countries and increase the rate of adoption for its US dollar-pegged cryptocurrency. Interestingly, as per the latest announcement from the company, there are plans to increase its presence in Georgia, a country at the intersection of Europe and Asia, and it has active operations across more than 600 locations in the country. The firm expects to reach a wider consumer base in the region.
According to the official announcement from Tether, CityPay.io has a presence in multiple restaurants, hotels, and shops in Georgia, which is also one of the most crypto-friendly countries around the globe. The stablecoin has decided to promote operations in the region due to the rapid adoption rate of crypto assets in the country. The firm also linked to a study that confirmed that over 2.89% of Georgians own some form of cryptocurrency.
The Chief Technology Officer at Tether, Paolo Ardoino, stated that his company’s partnership with CityPay.io is aimed at achieving “greater innovation and efficiency in the payment industry in Georgia,” while adding:
“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.”
As per the official statement, this is first of the many steps that the stablecoin issuer will take to expand its operations in Georgia and bring “greater innovation and efficiency to the payment industry in the state.” The USDT issuer will be announcing other initiatives in the near future as well.
Tether also noted that Georgia has around 130 crypto ATMs established in the country, and as per a July 2022 study, it is ranked fourth in the list of the world’s most crypto-ready nations. CityPay.io forms an integral part of the payment system used in the country, with major hotels like Wendy’s and Radisson Hotels using the payment system.
“Their 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,” said Eralp Hatipoglu, the CEO of CityPay.io.
As reported earlier by Bitnation, Tether also announced its plans to buy Bitcoin (BTC) for its stablecoin reserves. Further, it plans to routinely allocate up to 15% of its net realized operating earnings to buy the world’s biggest cryptocurrency. The decision was taken to “enhance transparency and provide a clearer view of the company’s performance and capital allocation strategy.”
The USDT issuer said that Bitcoin was the obvious choice since it has proven to be a long-term store of value after its massive price increase in the last decade. Ardoino noted that Bitcoin has huge potential as an investment asset while adding that Bitcoin’s decentralized structure, wide adoption, and limited supply make it a “favored choice among institutional and retail investors alike.”
Apart from announcing expansion in Georgia, Tether stated last year that its flagship stablecoin, USDT, will be available in over 24,000 ATMs in Brazil, which is also rapidly adopting blockchain and crypto tech.