USDT Issuer Tether Ventures Into Payment Processing With Georgia Investment

The stablecoin issuer announced earlier this week it is investing in a sustainable bitcoin mining facility in Uruguay.

AccessTimeIconMay 31, 2023 at 3:00 p.m. UTC

Tether, issuer of the $83 billion USDT stablecoin, has invested an undisclosed amount in payment processor firm, according to a Wednesday press release. added USDT as payment option for users in over 600 locations including restaurants, shops and hotels in the Caucasian country of Georgia, Tether tweeted. linked to Binance Pay, the payment arm of the world’s largest crypto exchange, allowing purchases with cryptocurrencies earlier this year, Binance tweeted.

Tether’s investment is in line with a new plan to allocate a part of its excess profits to purchase bitcoin (BTC) and venture into infrastructure, payments and communication projects. The company reported almost $1.5 billion in net profit for the first quarter. Earlier this week, Tether also announced an investment in sustainable energy production and bitcoin mining in Uruguay.

Stablecoins are a key piece of plumbing in the crypto ecosystem, bridging government-issued currencies and facilitating trading. Issuers are increasingly boosting stablecoins as a means for payments and remittances, especially in the developing world. 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 (SQ) subsidiary TBD to offer remittance payments using its own stablecoin, USDC.

Paolo Ardoino, Tether’s chief technology officer, 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.