Stablecoin issuer Tether announced that it is expanding its presence in Georgia through a strategic investment in CityPay.io, a payment processing company that operates in more than 600 locations across the country including shops, hotels, restaurants and more.
“We are excited to be working with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia,” said Paolo Ardoino, Chief Technology Officer at Tether. “Tether is committed to supporting companies that share our vision of building a more connected and accessible financial system. This investment in CityPay.io is an important step towards achieving that goal.”
“We are thrilled to be joining forces with Tether,” said Eralp Hatipoglu, CEO of CityPay.io. “Their investment will enable us to accelerate our growth and bring our services to more customers across Georgia. We look forward to working closely with Tether to bring greater innovation and efficiency to the payment industry.”
Also, Tether has invested in an energy production and sustainable bitcoin mining facility in Uruguay, in collaboration with a local company.
“Uruguay has emerged as a global leader in renewable energy, achieving a remarkable 94% of electricity generation from renewable sources, predominantly wind and solar power,” says official press release.
“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible Bitcoin mining,” stated Paolo Ardoino, CTO of Tether. “Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network. Tether is proud to spearhead a movement that combines cutting-edge technology, sustainable practices, and financial innovation.”
Tether’s investments are in line with a new plan to allocate a part of its excess profits to purchase bitcoin and venture into infrastructure, payments and communication projects. The company reported almost $1.5 billion in net profit for the first quarter.
Recently, market cap of the dollar-linked stablecoin USDT has surpassed $83 billion.