Georgia and Tether plan to launch the GELT stablecoin

Tether has announced plans to launch GELT, a stablecoin pegged to the Georgian lari and designed to serve as a digital representation of the national currency, in collaboration with the Government of Georgia. Supported by the Georgian government, the project will be one of the first examples of directly migrating a state currency onto digital rails within a specialized regulatory framework for stablecoins.

GELT is intended to serve as the digital equivalent of the lari, enabling near-instant settlements, reducing transaction costs, facilitating programmable payments, and improving the efficiency of fund flows within the digital financial system. It is expected to promote cross-border trade, the FinTech sector, and expanded access to digital payment tools in the region. Against the backdrop of the global rise in stablecoin usage—increasingly employed for transfers and settlements faster than traditional banking systems—Georgia’s initiative is viewed as a step toward modernizing its financial infrastructure.

The project builds on years of work by the National Bank of Georgia and the country’s government to establish comprehensive regulation for digital assets, including requirements for reserves, redemption rights, issuer oversight, and compliance with AML standards. The regulatory framework has been developed with compatibility in mind for emerging international approaches to stablecoin regulation, including U.S. initiatives such as the GENIUS Act.

Prime Minister of Georgia Irakli Kobakhidze noted that the collaboration with Tether lays the foundation for a more transparent and digital financial system. Tether’s CEO Paolo Ardoino stated that stablecoins are becoming part of the core infrastructure of global finance. President of the National Bank of Georgia Natia Turnava emphasized the importance of international cooperation for developing a modern financial system, while Member of Parliament Vakhtang Turnava described the project as a step toward transforming the country into a bridge between traditional and digital finance.

Georgia is already implementing digital payment solutions, including the ability to pay taxes with automatic conversion of digital assets into the national currency. Further details regarding the launch and technical implementation of GELT will be announced at a later date.

Source: tether.io