Tether – the issuer of stablecoin USDT – announced expanding its presence in Georgia with an investment in a payment processing company called, CityPay.io.
The move is deemed as an “important milestone” for the payment processing industry benefiting customers across Georgia and CIS.
According to the official blog post, Tether aims to bring greater efficiency and convenience to the payment industry in Georgia with the latest investment.
Commenting on the development, Paolo Ardoino, Chief Technology Officer at Tether, said,
“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.”
Tether said the investment in CityPay.io is the first step towards its expansion in the transcontinental country, which is reportedly one of the most crypto-friendly countries in the world.
In fact, data cited by the Tether revealed that nearly 3% of Georgians own some form of cryptocurrency.
Crypto ATMs are also easily accessible to users in most cities, with a total of 130 ATMs located across the country.
Meanwhile, a study conducted by Forex Suggest ranked Georgia as the fourth most crypto-ready nation in the world.
The latest development comes a day after the stablecoin issuer announced investing resources into energy production and the launch of sustainable Bitcoin mining operations in Uruguay.
Earlier this month, Tether outlined plans to allocate 15% of its net realized operating profits in Bitcoin, including regular purchases of BTC and funding infrastructure.
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