- Tether joins Binance in taking advantage of crypto-friendly Georgia by partnering with the payment system, CityPay.
- Tether’s growth could be partially attributed to the decline of its competitor, Circle’s USDC.
- Georgia puts in place regulatory frameworks to help turn the state into a cryptocurrency hub in 2022.
Tether’s recent past partnership with CityPay.io was made to enhance the current payment system in Georgia by bringing in a heightened efficiency.
Stablecoin issuer, Tether, announced its decision to expand its presence in the Republic of Georgia on May 31st. They further stated that the move would be made with the strategic investment in the payment system offered by CityPay.io. This payment service has operations in more than 600 locations in Georgia.
The payment service provides a range of services to a wide range of customers, with meaningful names like Wendy’s and Radisson hotels among their list of customers, amongst numerous others. Tether’s strategic investment in the payment service is intended to enhance the payment industry in Georgia by improving payment efficiency and convenience.
Georgia is currently established as one of the most crypto-friendly destinations for several companies to build their business, attracting several firms that have set up their operations in the state due to its current regulatory environment that is favorable to crypto companies.
The government in the state is working towards leveraging its competitive advantage over other states to position itself as a well-known global cryptocurrency environment.
The state introduced new regulations back in 2022. At the time, it had been introduced by the minister of economy and the vice prime minister, Levan Davitashvilli, who announced that a regulatory framework had been developed to target digital businesses and the cryptocurrency sector.
Tether is one of many cryptocurrency-related products that has taken advantage of Georgia’s cryptocurrency environment. Binance also set up a new hub in the state. The new hub is prominently known as a Web 3 outpost and seeks to promote the continuous widespread adoption of cryptocurrencies within the country.
Binance has a mission to attract talented individuals to Georgia’s crypt ecosystem and, in turn, generate more employment opportunities and provide proper education on the crypto industry.
Conclusion
On its end, Tether has continued to have a successful run in the industry as the Financial advisory and accounting firm revealed that the stablecoin holds roughly $3.4 billion worth of precious metals. The stablecoin’s recent growth could be partially attributed to the decline of its largest competitor, Circle USD coin, USDC.
The USDC experienced a brief de-pegging in the secondary market back in March due to concerns that rose about its exposure to now collapsed bank Silicon Valley. However, it quickly regained its peg but has faced a market cap decline since that moment. The CEO of Circle recently attributed the coin’s plunge to the major crackdown the United States regulatory has been pushing on the crypto market for the past few months.
