Tether, the USDT issuer, invests in payment processing with Georgia
The issuer of the $83 billion USDT stablecoin, Tether, has invested an undisclosed amount in payment processor firm CityPay.io, according to a press release on Wednesday. CityPay.io has added USDT as a payment option for users in over 600 locations, including restaurants, shops, and hotels in Georgia. Tether’s investment is part of a new plan to allocate excess profits to purchase bitcoin and venture into infrastructure, payments, and communication projects. Earlier this week, Tether also announced an investment in sustainable energy production and bitcoin mining in Uruguay.
Stablecoins are a crucial component of the crypto ecosystem, bridging government-issued currencies and facilitating trading. Issuers are increasingly promoting stablecoins for payments and remittances, particularly in developing countries. Recently, Bitcoin-based payments app Strike integrated USDT as part of its global expansion to 65 countries. Earlier, rival stablecoin issuer Circle teamed up with payment firm Block’s subsidiary TBD to offer remittance payments using its own stablecoin, USDC.
Tether’s chief technology officer, Paolo Ardoino, said in a podcast episode with The Block that USDT is increasingly used for value transfers, making up about 40% of all token usage, compared to 60% of crypto trading.
Edited by Sheldon Reback.
