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 on more than 600 locations in the country.
CityPay.io provides payment services to a wide range of customers, including big names like Wendy’s and Radisson Hotels, among others. With a strategic investment in CityPay.io, Tether intends to strengthen the payments industry in Georgia by improving efficiency and convenience.
Georgia has become one of the most favorable destinations for crypto companies, attracting a number of established companies to operate thanks to its progressive regulatory framework. The government of Georgia aims to leverage its competitive edge to position itself as a prominent global crypto hub.
Georgia introduced new regulations on cryptocurrencies in 2022. At the time, Georgian Minister of Economy and Deputy Prime Minister Levan Davitashvili announced the development of a regulatory framework targeting technical businesses. numbers and transactions of cryptocurrencies.