Tether and Georgia announce GELT stablecoin plan

Tether, the world’s largest stablecoin issuer, and the government of Georgia announced on Monday a plan to launch GELT, a stablecoin pegged to the Georgian lari. The project aims to place the country’s national currency onto digital asset rails under a regulatory framework specifically designed for stablecoins.

According to Tether, GELT is intended to serve as a digital representation of the lari, enabling lower transaction costs, near instant settlement, and programmable payments. The company said the stablecoin would support crossborder commerce, digital payments, and broader access to financial infrastructure in Georgia and the surrounding region. The announcement did not specify who would legally issue the token, where reserves would be held, or whether holders would have direct redemption rights, and no definite launch timeline was provided.

The initiative builds on Georgia’s recent efforts to establish rules for digital assets. In March, the National Bank of Georgia released a framework covering stablecoin issuance, requiring full reserve backing, external auditor verification of offering documents, and antimoney laundering compliance. Under the rules, no stablecoin...