Georgia Partners with Tether to Develop GELT Stablecoin Pegged to National Currency
In March, the central bank of Georgia unveiled comprehensive regulations for stablecoins, including requirements for reserve assets, documentation from issuers, and third-party audit verification.
The government of Georgia and Tether, a leading stablecoin issuer, have announced plans to introduce a digital token named "GELT" that will be pegged to the Georgian lari, operating within the nation's established digital asset regulatory infrastructure.
Tether disclosed on Monday that the planned stablecoin aims to facilitate digital payment systems and cross-border trade in Georgia. According to the company's statement, details regarding GELT's architecture, deployment schedule, and compliance framework will be revealed at a future date.
This initiative follows Georgia's ongoing work to establish comprehensive regulations for stablecoins and digital assets, which encompasses protocols for reserve asset management, redemption mechanisms, issuer supervision, and compliance with Anti-Money Laundering standards. The National Bank of Georgia announced in March that it had formulated guidelines for the initial distribution of "stable virtual assets," which mandate complete reserve backing, proper offering documentation, and third-party auditor verification.
Irakli Kobakhidze, Georgia's Prime Minister, stated that the collaboration with Tether would contribute to establishing the groundwork for a more interconnected and accountable financial ecosystem. Natia Turnava, President of the National Bank of Georgia, expressed that the central bank supports this partnership as an element of its broader initiative to enhance digital financial infrastructure.
The public statement did not specify which entity would serve as the legal issuer of GELT, the location where reserves would be maintained, or whether token holders would possess direct redemption privileges. Additionally, the company refrained from committing to a specific launch date.
Tether confirmed receipt of Cointelegraph's inquiry seeking additional comment. Cointelegraph also contacted the National Bank of Georgia to obtain further details, but had not received a reply at the time of publication.
Georgia released stablecoin rules in March
The National Bank of Georgia published its stablecoin issuance regulations on March 6. According to the framework, any stablecoin offering conducted within Georgia requires advance written authorization from the National Bank.
These regulations are applicable to virtual asset service providers, or VASPs, that have completed registration with the central bank, whereas entities lacking VASP registration must complete the registration process prior to launching a stablecoin offering or delivering associated services. The central bank mandated that all stablecoins in active circulation maintain full backing through reserve assets that satisfy both liquidity standards and credit quality criteria.
Additionally, the regulations obligate issuers to compile documentation pertaining to the initial token distribution and present these materials for third-party auditor verification, as stated by the central bank. According to the regulator, the framework seeks to strengthen consumer safeguards, enhance risk oversight, and ensure conformity with globally recognized standards.
GELT to join Tether's non-dollar stablecoin lineup
GELT would become part of Tether's expanding portfolio of stablecoins pegged to various national currencies, extending beyond its primary USDT product. The company has previously introduced tokens linked to the Mexican peso and the offshore Chinese yuan, and has also revealed intentions to develop a stablecoin pegged to the United Arab Emirates dirham.
MXNT, Tether's stablecoin pegged to the Mexican peso, was introduced in 2022 with initial deployment across Ethereum, Tron and Polygon networks. The company's CNHT, pegged to the offshore Chinese yuan, was established in 2019 and subsequently extended to the Tron blockchain, whereas the proposed UAE dirham-backed token was revealed in 2024 with support from liquid reserves based in the UAE.
The organization has additionally created stablecoin offerings tailored to specific markets. Tether introduced USAT in January 2026 as a dollar-denominated stablecoin regulated in the United States and designed specifically for the American marketplace.
Tether has simultaneously discontinued certain earlier non-USDT stablecoin products. The organization ceased production of EURT, its euro-backed stablecoin, and confirmed that redemptions concluded in November 2025, whereas CNHT, its offshore Chinese yuan-pegged token, is scheduled to become unredeemable in February 2027.