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Tether boosts cryptocurrency payments in Eastern Europe with investment in CityPay.io

This strategic investment enables Tether to further expand its presence in the digital payments market and facilitate the integration of their stablecoin into transaction processes in the region.

Date: 2024-05-09 Author: Marek Stiller
Tether boosts cryptocurrency payments in Eastern Europe with investment in CityPay.io

Tether Operations Limited, an issuer of USDT stablecoins, today unveiled its plans to expand its presence in Eastern Europe by further investing in CityPay.io.

on May 8, Tether officially announced an injection of additional investment in CityPay.io, a platform that allows users to make payments at various establishments, including Wendy’s and Radisson hotels, using cryptocurrencies such as Bitcoin.

As of May 2024, CityPay.io boasts more than 600 locations in Georgia and plans to launch its own e-wallet and card solutions within two years. The company also plans to establish more than 500,000 cryptocurrency payment points in designated expansion regions.

Paolo Ardoino, CEO of Tether, expressed excitement about the partnership, saying:

“Our previous partnership with CityPay.io yielded exciting results in expanding the convenient use of cryptocurrencies across Georgia. With this second investment, we aim to build on those results and encourage the adoption of cutting-edge technologies that are disrupting traditional payment systems.”
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This latest financial initiative builds on Tether’s previous investment in CityPay.io in 2023, when Tether became one of the world’s pioneering stablecoin companies to invest in the company.

In October 2023, CityPay.io introduced Tether integration for Polygon payments. In addition, in September 2023, Tether CEO Ardoino met with government structures in Georgia to strengthen Tether’s presence in the country.

Tether continues to grow through strategic partnerships

Tether recently expanded its presence in the digital asset space through strategic partnerships and platform launches, signaling a move beyond stablecoin offerings into broader areas of innovation.

Last month, Tether joined forces with digital asset infrastructure provider Fuze to support education and awareness of digital assets in Turkey and the Middle East.

The collaboration, formalized through a memorandum of understanding (MoU), addresses various aspects of digital asset education, including cross-border payment solutions, compliance, regulatory framework development and education for local financial institutions.

As Tether diversifies its focus through initiatives such as Tether Evo, the company is pushing boundaries to push humanity toward a future where technology and human capabilities converge in unprecedented ways.

The recent launch of Tether on TON, the eleventh Tether-enabled blockchain, marks a significant milestone in increasing accessibility and usability for users around the world. With a quick $60 million USDT issuance, the TON integration underscores Tether’s commitment to improving its ecosystem.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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