Tether Boosts Crypto Payment Expansion in Eastern Europe through CityPay.io Investment

Tether's recent investment in CityPay.io aims to bolster the expansion of cryptocurrency payments in Eastern Europe, with a focus on Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. CityPay.io, based in Georgia, facilitates crypto payments at various establishments such as Wendy's and Radisson Hotels. With over 600 locations already operational in Georgia, CityPay.io plans to introduce its own e-wallet and card solutions within the next two years and aims to establish more than 500,000 crypto payment points across the designated expansion regions. This latest funding follows Tether's initial investment in 2023, making it one of the first stablecoin firms to support CityPay.io. Paolo Ardoino, CEO of Tether, expressed their intent to build on the success of their previous collaboration and drive the adoption of innovative technologies disrupting traditional payment systems. Georgia, known for its crypto-friendly environment, has seen significant involvement from major cryptocurrency firms like Binance, which established a blockchain hub in 2023. The country's government has expressed ambitions to position Georgia as a major global crypto hub, evidenced by initiatives such as Tether's collaboration with Georgian authorities to develop Bitcoin and peer-to-peer infrastructure.