Key Highlight:
- Tether announced its expanded presence in Georgia by investing in CityPay.io, which operates in more than 600 locations nationwide.
Tether, a stablecoin issuer, declared on May 31 that it was expanding its footprint in the Republic of Georgia by making a strategic investment in CityPay.io, a business that processes payments at more than 600 sites throughout the nation.
Georgia, which is home to 130 crypto ATMs and has a nearly 2.89% crypto ownership rate, has been ranked as the fourth most crypto-ready nation internationally by Forex Suggest for 2022. Tether’s investment in CityPay.io supports Georgia’s efforts to establish itself as a hub for crypto, facilitating the smooth integration of crypto payments.
Tether’s investment will be used by CityPay.io, which offers optimized payment experiences to clients of prominent brands like Wendy’s and Radisson Hotels, among many others, to expand its service offering and boost productivity. Through this strategic move, Tether becomes the first stablecoin to invest in CityPay.io, triggering a crucial turning point in Georgia’s payment processing sector.
Why Georgia?
Due to its progressive regulatory environment, Georgia has emerged as one of the most appealing locations for crypto businesses, drawing various enterprises to establish operations there. The Georgian government wants to establish itself as a significant international crypto hub by utilizing its competitive advantages.
In 2022, Georgia issued new crypto regulations. Levan Davitashvili, the vice prime minister and minister of the economy of Georgia, announced the creation of a regulatory framework for crypto trading and digital enterprises at the time.
