Tether invests in CityPayio to expand in Georgia

Stablecoin issuer Tether has announced that it is investing in CityPay.io, a payment processing company that operates in over 600 locations in the Republic of Georgia. This strategic investment is aimed at improving the payment industry in Georgia by enhancing efficiency and convenience. The Georgian government has established a progressive regulatory framework, attracting several crypto firms to set up operations in the country. Georgia introduced new crypto regulations in 2022, targeting digital businesses and cryptocurrency trading. In March, cryptocurrency exchange Binance also set up a new blockchain hub in Georgia to promote the adoption of cryptocurrencies within the country.