Tether · Decrypt
With Central Bank’s Blessing, Georgia Taps Tether for 'Official' Stablecoin
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Tether said on Monday that it plans to issue a stablecoin in Georgia with support from the country’s government, underscoring the nation’s aggressive push to establish itself as a crypto hub that’s uniquely aligned with U.S. regulations.
Key facts
- Tether’s industry-leading stablecoin, USDT, commands a market capitalization of nearly $190 billion
- With a population of roughly 3.9 million people, the country is actively laying the foundation for “a more connected, transparent, and digitally empowered financial world” through GELT, Georgia’s
- The National Bank of Georgia welcomes collaboration with global innovators like Tether as part of its broader strategy to advance secure, modern, and internationally aligned digital financial
- Monday’s notice hints at details to come, but there’s no indication that GELT will function as a central bank digital currency, or CBDC
Summary
Tether is working alongside the Government and Central Bank of Georgia to launch GELT, an official stablecoin pegged to the Georgian Lari. The initiative advances Georgia’s ambition to become a premier crypto hub, utilizing a purpose-built regulatory framework that dovetails with U.S. rules. Designed to lower transaction fees and accelerate cross-border trade, the asset isn’t being billed by Tether as a central bank digital currency. The stablecoin, dubbed GELT, will serve as a digital representation of the Georgian lari, Tether said in an announcement.