New investment propels Tether’s expansion of crypto payments in Eastern Europe

Stablecoin leader Tether is expanding its efforts to promote cryptocurrency adoption in Eastern Europe through an additional investment in CityPay.io, a crypto payment provider based in Georgia. On May 8, Tether officially announced its decision to inject more funds into CityPay.io, a payment platform that enables users to pay for services at various establishments, including Wendy’s and Radisson Hotels, using cryptocurrencies like Bitcoin (BTC).
The investment aims to bolster CityPay.io’s expansion into Eastern Europe, with a particular focus on countries such as Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Currently, CityPay.io boasts over 600 locations in Georgia alone and has plans to introduce its own e-wallet and card solutions within the next two years. Moreover, the company aspires to establish over 500,000 crypto payment points throughout the designated expansion regions.
This recent funding follows Tether’s investment in CityPay.io in 2023, making Tether one of the first stablecoin firms to invest in the company. Tether CEO Paolo Ardoino expressed excitement about the collaboration, stating that their previous partnership with CityPay.io yielded positive results in expanding the use of cryptocurrencies in Georgia. Tether and CityPay.io have been working closely together since Tether’s initial investment last year.
In October 2023, CityPay.io integrated Tether for payments on the Polygon network. Furthermore, Tether CEO Ardoino held meetings with governmental entities in Georgia in September 2023 to enhance Tether’s presence in the country. In June 2023, Tether also signed a memorandum of understanding with the Georgian government to develop Bitcoin and peer-to-peer infrastructure in Georgia.
Georgia, a former member of the Soviet Union, has emerged as one of the most crypto-friendly countries globally, with the local government aspiring to establish the country as a major global crypto hub. In addition to Tether, Georgia has attracted other major cryptocurrency firms, including Binance, which launched a blockchain hub in the country in 2023. Georgia is particularly renowned for hosting numerous Bitcoin ATMs, with 132 such ATMs located in the capital city of Tbilisi, according to data from CoinATMRadar.