Tether, the USDT stablecoin issuer, has announced that it is expanding its presence in the Georgian market through an investment in payment processing operator CityPay.io.
CityPay.io operates in over 600 locations across the country, including shops, hotels, restaurants, and more. CityPay.io is available to Wendy’s and Radisson Hotels customers. The investment in CityPay.io is the first step towards expanding the company’s presence in Georgia, Tether says.
“We are excited to work with CityPay.io to bring more innovation and efficiency to the Georgian payment industry,” said Tether CTO Paolo Ardoino.
Georgia is now seeing rapid market growth and interest in cryptocurrencies, including an increased demand for crypto asset payment options. It is one of the most cryptocurrency-friendly countries in the world, with 2.89% of Georgians owning some form of cryptocurrency. Cryptomats are available to users in most cities, with a total of 130 such machines located across the country.
Meanwhile, Tether’s capitalization has reached a record and now stands at $83.2 billion, according to a company report dated June 1. Ardoino believes that the success of the issuer is due to the fact that people want to access financial freedom.
Previously, Tether announced that it was going to promote blockchain and crypto education in Georgia
