Stablecoin issuer Tether announced on May 31 that it is expanding its presence in the Republic of Georgia through a strategic investment in CityPay.io, a payment processing company that operates across more than 600 locations in the country.
Tether expands its presence in Georgia We have invested in https://t.co/14g9wt7PCC, a leading local payment processing company. You can now pay with #USDt and #Bitcoin in over 600 shops, hotels, and restaurants. Learn More https://t.co/WjrOAymJRv pic.twitter.com/Ud78paop5O — Tether (@Tether_to) May 31, 2023
CityPay.io provides payment services to a wide range of customers, including major names like Wendy’s and Radisson Hotels, among numerous others. With its strategic investment in CityPay.io, Tether intends to enhance the payment industry in Georgia by improving efficiency and convenience.
Georgia has established itself as one of the most favorable destinations for crypto companies, attracting several firms to set up operations thanks to its progressive regulatory framework. The Georgian government aims to leverage its competitive advantages to position itself as a prominent global cryptocurrency hub.
Georgia introduced new crypto regulations in 2022. At the time, Georgian Minister of Economy and Vice Prime Minister Levan Davitashvili announced the development of a regulatory framework targeting digital businesses and cryptocurrency trading.
In March, cryptocurrency exchange Binance set up a new blockchain hub in Georgia. The hub, referred to as a “Web3 outpost," aims to promote the widespread adoption of cryptocurrencies within the country. Binance plans to attract talented individuals to Georgia’s blockchain sector, generate more employment opportunities and provide industry education.