On May 31, Tether revealed its expansion plans in the Republic of Georgia by making a strategic investment in CityPay.io, a payment processing company that operates across 600 locations in the country. CityPay.io offers payment services to a diverse range of customers, including renowned brands like Wendy’s and Radisson Hotels, among others. Tether’s investment in CityPay.io aims to enhance the payment industry in Georgia by improving efficiency and convenience.
Georgia has positioned itself as a favorable destination for crypto companies, attracting numerous firms due to its progressive regulatory framework. The government of Georgia aims to leverage its competitive advantages to establish itself as a prominent global hub for cryptocurrencies.
In 2022, Georgia introduced new regulations specifically targeting digital businesses and cryptocurrency trading. Minister of Economy and Vice Prime Minister Levan Davitashvili announced the development of this regulatory framework at the time.
In a similar vein, cryptocurrency exchange Binance established a blockchain hub in Georgia, referred to as a “Web3 outpost,” in March. The hub’s objective is to encourage the widespread adoption of cryptocurrencies in the country. Binance aims to attract talented individuals to Georgia’s blockchain sector, generate employment opportunities, and provide industry education.
Tether Has $1.5B in Bitcoin Reserves
According to BDO Italia’s latest attestation report for Tether, Bitcoin accounted for approximately $1.5 billion of the stablecoin issuer’s reserves at the end of the first quarter, representing around 2% of the total. This report marked the first time Bitcoin was listed as a separate line item.
The report also disclosed the company’s holdings of precious metals, which amounted to approximately $3.4 billion or roughly 4% of the total reserves.
In addition, the announcement highlighted that Tether generated $1.48 billion in profits during the first quarter and experienced a 20% increase in the circulation of its token. As a result of this increased circulation, Tether’s total reserves have reached a record high of approximately $81.8 billion.