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. 

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