Tether is preparing for a major partnership with the government of Georgia to launch GELT, a new stablecoin pegged to the Georgian lari. According to an official announcement, the GELT cryptocurrency will be developed under Georgia’s digital asset regulations, aiming to support cross-border trade and digital payment systems in the country.
What is GELT and why is it in the spotlight?
The Georgian government has accelerated efforts to establish a legal framework for digital assets and stablecoins. In this context, GELT is set to be launched in compliance with upcoming regulations, which were recently introduced. New rules announced in March cover reserve management, redemption rights, issuer oversight, and anti-money laundering standards. The Governor of the National Bank of Georgia, Natia Turnava, emphasized the importance of this partnership for strengthening Georgia’s digital financial infrastructure. Prime Minister Irakli Kobakhidze also underscored that the collaboration with Tether will contribute to a transparent and interconnected financial ecosystem.
Glossary: A stablecoin is a cryptocurrency pegged to an asset or currency. GELT is being developed as a stablecoin linked to the Georgian lari, providing a digital equivalent for lari payments.
The regulatory process and key questions
The National Bank of Georgia has stated that no stablecoin can launch without prior written approval and that any issuer must be registered as a Virtual Asset Service Provider (VASP) with the central bank. All circulating stablecoins are required to be fully backed by corresponding reserves. However, questions remain regarding GELT’s legal issuer, the location of its reserves, and whether users will have direct redemption rights. The company has not yet provided a concrete launch date for GELT.
Tether’s multi-currency stablecoin strategy
Tether, one of the world’s largest stablecoin issuers, continues to diversify its stablecoin portfolio beyond the US dollar-pegged USDT by developing coins tied to various national currencies. The company previously launched MXNT pegged to the Mexican peso, CNHT tied to offshore Chinese yuan, and announced plans for a stablecoin linked to the UAE dirham. MXNT debuted on Ethereum, Tron, and Polygon networks in 2022. CNHT was introduced in 2019 and later integrated with the Tron network, while preparations for the AED-pegged coin were disclosed in 2024.
During this period, Tether has also discontinued some stablecoin products. EURT, pegged to the euro, has ceased issuance, with redemptions ending in November 2025. For CNHT, redemption rights will be discontinued after February 2027.
Below is an overview of Tether’s main stablecoin offerings and their current status:
| Stablecoin | Currency | Launch Date | Status |
|---|---|---|---|
| USDT | US Dollar | 2014 | Active |
| MXNT | Mexican Peso | 2022 | Active |
| CNHT | Offshore Chinese Yuan | 2019 | Ending in 2027 |
| EURT | Euro | 2018 | Ending in 2025 |
| GELT | Georgian Lari | TBA | In development |
Both Tether and senior Georgian officials expect the GELT project to enhance the country’s financial system by aligning it with international standards. The initiative aims to strengthen risk management and consumer protection, with further details from Tether and the central bank to be released in the coming months.
The joint announcement between Tether and the Georgian government stressed their goal of improving transparency and connectivity in Georgia’s digital finance system. However, it was noted that specifics on GELT’s legal framework will be shared at a later date.
GELT’s launch is being closely watched by the digital asset community, as it represents a new step in the evolution of national currency-backed stablecoins and cross-border payment systems.
The introduction of GELT is expected to boost digital transactions in Georgia, while also serving as a model for similar projects in other countries seeking to modernize digital payment infrastructure.
As regulatory clarity progresses, industry players and consumers alike await more information on how GELT will function in real-world digital transactions and the wider crypto market.
Ultimately, the partnership between Tether and the Georgian government signals continued momentum in the adoption of regulated, transparent stablecoin solutions backed by national currencies, with GELT set to be a first for the region.
