Thomas Daniels
Tether, the renowned issuer of the USDT stablecoin, has officially declared its strategic expansion into Eastern Europe with a significant investment in the Georgian payment service, CityPay.io. The initiative is part of Tether’s broader strategy to integrate cryptocurrency solutions into mainstream financial systems, particularly in emerging markets.
According to the company’s press release, CityPay.io offers a robust platform that facilitates cryptocurrency transactions across over 600 locations in Georgia. This service allows consumers to seamlessly pay for a variety of goods and services using digital currencies. Tether’s additional investment aims to bolster CityPay.io’s capabilities and extend its service offerings.
Paolo Ardoino, Tether’s Chief Executive Officer, expressed enthusiasm about the expansion, stating, “Our initial collaboration with CityPay.io delivered substantial progress towards widespread adoption of convenient cryptocurrency transactions in Georgia. This subsequent investment will further this momentum, emphasizing our commitment to advancing technological innovation in traditional payment landscapes.”
Tether’s engagement in Georgia extends beyond this latest investment. The company previously invested in CityPay in May 2023 and later enhanced its involvement by signing a Memorandum of Understanding with local governmental bodies. Additionally, Tether has contributed to the country’s educational advancement by supporting the Academy of Digital Industries project.
The investment figures remain confidential, reflecting Tether’s discreet financial strategies. However, the firm’s continued financial involvement indicates a strong belief in the potential of the Georgian market and its neighboring regions.
Furthermore, Tether recently announced a partnership with Chainalysis, a leading blockchain analytics firm, to implement a transaction monitoring system for USDT on the secondary market. This development underscores Tether’s commitment to ensuring transparency and security in its operations, essential for gaining trust in the rapidly evolving cryptocurrency sector.
