Tether and Georgia’s central bank will issue a stablecoin pegged to the Georgian lari to cut fees and boost cross-border trade.
Georgia will launch GELT, a stablecoin backed by the Georgian lari, in collaboration with Tether and the country’s central bank. The asset aims to reduce transaction costs and speed up cross-border settlements, aligning with Georgia’s push to become a crypto hub under a U.S.-compatible regulatory framework.
The initiative marks one of the first efforts to digitize a national currency on blockchain rails, though Tether clarified it is not a central bank digital currency. Georgia, with a population of 3.9 million, seeks to integrate traditional banking with its digital economy, offering near-instant settlements and lower fees.
Prime Minister Irakli Kobakhidze called the move a turning point for the region, emphasizing transparency and financial connectivity. The project reflects Georgia’s broader strategy to attract crypto businesses while adhering to international standards.