Tether, the largest stablecoin issuer, has partnered with the Georgian government to launch GELT, a stablecoin representing the lari, the country’s official currency.

 

 

The partnership, announced on Monday, aims to create a financial ecosystem that supports cross-border commerce, fintech development, and broader access to programmable financial infrastructure across Georgia.

 

GELT will serve as a digital representation of the Georgian lari and will be designed to enable lower transaction costs, near instant settlement, programmable payments, and more efficient movement of value across digital financial systems.

 

“Together with visionary partners like Tether, Georgia is laying the foundations for a more connected, transparent, and digitally empowered financial world,” said Irakli Kobakhidze, Prime Minister of Georgia.

 

The launch of the GELT stablecoin is built on a regulatory framework created by the Georgian government and the National Bank of Georgia. In March this year, the National Bank of Georgia developed a framework governing the issuance of stablecoins.

 

The framework, officially known as “The Rule for the Initial Coin Offering of a Stable Virtual Asset by a Virtual Asset Service Provider,” sets out standards that must be met by all virtual asset service providers (VASPs) operating in the country, including requirements for 100 percent reserve backing, strong consumer protections, proper risk management, and full compliance with the country’s Anti Money Laundering (AML) standards.

 

“Stablecoins are no longer a niche financial instrument. They are becoming part of the infrastructure layer for global finance,” said Paolo Ardoino, CEO of Tether. “Georgia has moved early to create serious regulatory architecture for digital assets and stablecoins, and that clarity creates the foundation for real innovation and adoption.”

 

Georgia’s stablecoin framework is also designed to be compatible with other regulatory frameworks, including the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and Markets in Crypto Assets (MiCA).

 

By partnering with Tether to launch the GELT stablecoin, Georgia becomes the first country to team up with a major stablecoin issuer to issue a government-supported stablecoin pegged to its national currency. The UAE has also launched a dirham-pegged stablecoin, but unlike Georgia’s GELT, that stablecoin was issued by local consortia rather than a major stablecoin issuer such as Tether.

 

The planned launch of the GELT stablecoin comes shortly after Tether launched its self-custodial wallet. In an effort to increase access to stablecoins, Qivalis recently expanded its consortium to include more banks, which are collectively working to launch a euro-pegged stablecoin.