Tether partners with the Georgian government to launch fiat-backed stablecoin GELT! Pegged to the lari, targeting cross-border payments

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Stablecoin issuer Tether has announced a partnership with the government of Georgia to launch an official stablecoin pegged to the Georgian Lari (GEL), known as GELT, aimed at cross-border payments and digital financial infrastructure. This initiative builds upon the stablecoin issuance regulations released by the National Bank of Georgia (NBG) in March this year, marking another localized stablecoin expansion for Tether following the Mexican Peso-pegged MXNT and the offshore Chinese Yuan-pegged CNHT. (Previous coverage: Tether officially launches US-exclusive stablecoin USAT! Fully compliant with the GENIUS Act) (Background: ARK Invest: Stablecoins are building the next-generation monetary system) Stablecoin leader Tether has reached a partnership with the Georgian government to jointly launch an official stablecoin named GELT, pegged to the Georgian Lari (GEL). Tether stated that GELT is expected to support cross-border trade payments and digital payment scenarios within Georgia, though specific issuance structures, launch timelines, and regulatory implementation details remain to be announced. In its official announcement, Tether stated that this collaboration is based on Georgia's recently established regulatory framework for digital assets and stablecoins. In March, the National Bank of Georgia (NBG) officially released stablecoin issuance regulations, covering reserve asset management, holder redemption rights, issuer supervision, and Anti-Money Laundering (AML) compliance requirements. According to the regulations published by the NBG on March 6, any stablecoin issued in Georgia must obtain prior written consent from the central bank. The framework applies to Virtual Asset Service Providers (VASP) registered with the central bank, while unregistered entities must complete registration before engaging in stablecoin issuance or related services. The NBG explicitly mandates that circulating stablecoins must be fully backed by reserve assets that meet liquidity and credit quality requirements. NBG Governor Natia Turnava welcomed the partnership, stating that it aligns with the central bank's strategic direction of promoting digital financial infrastructure. Georgian Prime Minister Irakli Kobakhidze added that the collaboration with Tether will help build a more interconnected and transparent financial ecosystem. However, it is worth noting that the announcement did not specify the legal issuing entity of GELT, the location of reserve assets, or whether holders have direct redemption rights. The absence of these key details suggests that the project is still in the early stages of negotiation. GELT will join Tether's product line of currency-specific stablecoins, alongside its flagship product USDT. Tether launched the offshore Chinese Yuan stablecoin CNHT as early as 2019, followed by the Mexican Peso stablecoin MXNT in 2022 (initially supporting Ethereum, Tron, and Polygon), and announced plans in 2024 to issue a stablecoin pegged to the United Arab Emirates Dirham (AED). In January this year, Tether launched the US-compliant dollar stablecoin USAT, which meets the regulatory standards of the GENIUS Act, with initial listings on exchanges such as Bybit, Kraken, and OKX, demonstrating its strategy of tailoring compliant stablecoins for different markets. Nevertheless, Tether is also gradually phasing out non-core product lines. The Euro stablecoin EURT has ceased issuance, with redemptions ending in November 2025; the offshore Chinese Yuan stablecoin CNHT is also expected to terminate redemption functions in February 2027. Tether's aggressive expansion into localized stablecoins in emerging markets reflects a trend of stablecoins shifting from a "US Dollar standard" to a "multi-currency ecosystem." As a financial hub in the Caucasus region, if the GELT stablecoin is successfully implemented, it could not only provide local residents with digital currency options beyond the US Dollar but also potentially become a new channel for cross-border remittances and trade settlement, which is of strategic significance to the Georgian economy, which relies heavily on overseas remittances. A similar situation is already taking shape in Iran. Under the pressure of geopolitical instability and fiat currency devaluation, local residents have largely turned to stablecoins like USDT as a store of value. Tether's model of direct cooperation with a sovereign government effectively extends the power of stablecoin issuance from purely commercial institutions to the national level, potentially providing a reference model for regulation and cooperation for other emerging market countries.

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