Tether · Cointelegraph
Tether, Georgia plan lari-backed stablecoin GELT under new rules
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Georgia’s central bank released stablecoin rules in March covering reserve backing, issuer documents and external auditor verification.
Key facts
- On March 6, the National Bank of Georgia released rules covering stablecoin issuance
- Tether’s Mexican peso-pegged MXNT launched in 2022 with initial support on Ethereum, Tron and Polygon
- The GELT stablecoin would join Tether’s smaller lineup of currency-specific stablecoin products beyond its flagship USDT
- On Monday, Tether said the stablecoin is expected to support cross-border commerce and digital payments in Georgia
Summary
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 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. Georgian Prime Minister Irakli Kobakhidze said the partnership with Tether would help lay the foundations for a more connected and transparent financial world.