Tether and Georgia Plan Lari-Backed Stablecoin GELT Under New Regulations

National Bank of Georgia released stablecoin rules in March covering reserve backing, issuer documentation and verification by external auditors.

Stablecoin issuer Tether and the government of Georgia plan to launch a stablecoin called “GELT,” which 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 added that GELT’s structure, rollout and regulatory implementation will be announced at a later stage.

The plan builds on recent efforts by Georgia 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 verification by external auditors.

Irakli Kobakhidze said the partnership with Tether would help lay the foundation for a more connected and transparent financial world. Natia Turnava said the central bank welcomes the collaboration as part of its strategy to advance digital financial infrastructure.

The announcement did not specify who would legally issue GELT, where the reserves would be held, or whether holders would receive direct redemption rights. A definitive launch timeline was also not provided by the company.

On March 6, the National Bank of Georgia released rules governing stablecoin issuance. Under the framework, a stablecoin offering in Georgia cannot be provided without prior written consent from the National Bank.

Georgia Introduced Stablecoin Regulations in March#

The framework applies to virtual asset service providers, or VASPs, registered with the central bank, while companies not registered as VASPs must obtain registration before conducting a stablecoin offering or providing related services. The National Bank of Georgia said stablecoins in circulation must be fully backed by reserve assets that meet liquidity and credit quality requirements.

The rules also require issuers to prepare documents related to the initial issuance and submit them for verification by external auditors, according to the National Bank of Georgia. The regulator said the framework is intended to strengthen consumer protection, risk management and alignment with international standards.

GELT Set to Expand Tether’s Non-Dollar Stablecoin Portfolio#

The GELT stablecoin would join the smaller lineup of currency-specific stablecoin products offered by Tether beyond its flagship Tether USD. Tokens pegged to the Mexican peso and offshore Chinese yuan have previously been launched by Tether, while plans for a United Arab Emirates dirham-pegged stablecoin have also been announced.

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.

Tether has also developed stablecoin products tailored to specific markets. In January 2026, USAT was launched by Tether as a US-regulated dollar stablecoin aimed at the American market.

Tether has also phased out some of its earlier non-USDT stablecoins. Minting of its euro-pegged EURT was stopped by the company, which also said redemptions ended in November 2025, while its offshore Chinese yuan-pegged CNHT is scheduled to become non-redeemable in February 2027.