Tether announces investment in Georgia-based payment processor CityPay; USDT can be used at over 600 locations including hotels and restaurants

The leading stablecoin issuer Tether has announced that through an investment in Georgia-based payment processor CityPay, USDT will be accepted at over 600 locations in Georgia, including shops, hotels, restaurants, etc.

Introduction to Georgia

Georgia spans the continents of Europe and Asia, gaining independence from the Soviet Union in 1991 and is also the birthplace of Soviet leader Joseph Stalin. Georgia is considered a developing country with a relatively high Human Development Index and Economic Freedom Index, as well as a relatively low corruption index. It is one of the earliest countries in the world to legalize marijuana.

According to a press release from Tether, 2.89% of Georgians own cryptocurrency, with 130 cryptocurrency ATMs nationwide, making it one of the most crypto-friendly countries. Tether sees the interest and growth opportunities in Georgia regarding cryptocurrencies, including the increased demand for crypto payment options.

Georgia's Crypto Payment Provider CityPay

CityPay is a cryptocurrency payment provider registered in Georgia. Using its WooCommerce API integration tool, it facilitates cryptocurrency payments for e-commerce businesses or physical stores' POS systems. Its clients include businesses like Wendy’s and Radisson Hotels.

Individuals can also make payments using credit cards, Google Pay, and the European SEPA system to exchange cryptocurrencies like BTC and ETH.

Tether's CTO, Paolo Ardoino, stated:

Tether is committed to supporting companies that share our vision and building a more closely connected and user-friendly financial system. Investing in CityPay is an important step towards achieving this goal.