Tether, Georgia plan lari-backed stablecoin GELT under new rules

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Tether, Georgia plan lari-backed stablecoin GELT under new rules Georgia’s central bank released stablecoin rules in March covering reserve backing, issuer documents and external auditor verification. Stablecoin issuer Tether and the government of Georgia plan to launch a stablecoin called “GELT” that would represent the Georgian lari under the country’s digital asset regulatory framework. On Monday, Tether said the stablecoin is expected to support cross-border commerce and digital payments in Georgia. The company said GELT's structure, rollout and regulatory implementation will be announced at a later stage. The plan builds on Georgia’s recent efforts to develop rules for digital assets and stablecoins, including a framework covering reserve management, redemption rights, issuer oversight and Anti-Money Laundering compliance. In March, the National Bank of Georgia said it had developed rules for the initial offering of “stable virtual assets,” including requirements for full reserve backing, offering documents and external auditor verification. Georgian Prime Minister Irakli Kobakhidze said the partnership with Tether would help lay the foundations for a more connected and transparent financial world. National Bank of Georgia President Natia Turnava said the central bank welcomes the collaboration as part of its strategy to advance digital financial infrastructure. The announcement did not say who would legally issue GELT, where reserves would be held, or whether holders would have direct redemption rights. The company also did not provide a definite launch timeline. Tether acknowledged Cointelegraph’s request for comment. Cointelegraph reached out to the National Bank of Georgia for more information, but did not receive a response by publication. Georgia released stablecoin rules in March On March 6, the National Bank of Georgia released rules covering stablecoin issuance. The framework said a stablecoin offering in Georgia cannot be provided without prior written consent from the National Bank. It applies to virtual asset service providers, or VASPs, registered with the central bank, while companies that are not registered as VASPs must obtain registration before conducting a stablecoin offering or providing related services. The central bank said stablecoins in circulation must be fully backed by reserve assets that meet liquidity and credit quality requirements. Related: Tether buys SoftBank’s stake in Bitcoin company Twenty One Capital The rules also require issuers to prepare documents related to the initial issuance and submit them for external auditor verification, according to the central bank. The regulator said the framework intends to improve consumer protection, risk management and alignment with international standards. GELT to join Tether’s non-dollar stablecoin lineup The GELT stablecoin would join Tether’s smaller lineup of currency-specific stablecoin products beyond its flagship USDT. Tether has previously launched tokens pegged to the Mexican peso and offshore Chinese yuan and has also announced plans for a United Arab Emirates dirham-pegged stablecoin. Tether’s Mexican peso-pegged MXNT launched in 2022 with initial support on Ethereum, Tron and Polygon. Its offshore Chinese yuan-pegged CNHT was created in 2019 and later expanded to Tron, while the planned UAE dirham token was announced in 2024 with backing from liquid UAE-based reserves. The company has also developed market-specific stablecoin products. In January 2026, Tether launched USAT as a US-regulated dollar stablecoin aimed at the American market. Tether has also wound down some of its earlier non-USDT stablecoins. The company stopped minting its euro-pegged EURT and said redemptions ended in November 2025, while its offshore Chinese yuan-pegged CNHT is set to become non-redeemable in February 2027. Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves More on the subject

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