Tether and the Georgian government are developing GELT, a stablecoin pegged to the Georgian lari.
Tether, the world's largest stablecoin issuer by market capitalization, announced on Monday that it is developing GELT, a stablecoin pegged to the Georgian lari, in collaboration with the Georgian government. The announcement was made through a joint statement published by Tether.
GELT is designed to function as a digital representation of the lari, with the stated goals of reducing transaction costs, accelerating payment settlement, and enabling programmable financial infrastructure across Georgia and neighboring markets. Tether said the stablecoin will support cross-border commerce alongside domestic payments.
Georgia's digital asset regulatory framework was built to achieve compatibility with emerging US stablecoin legislation, including the GENIUS Act, according to Tether. The company said that alignment with US regulatory standards was a deliberate design principle for the project. Tether did not disclose a launch date or provide structural details about GELT's reserve backing, saying further information would follow at a later stage.
Georgian Prime Minister Irakli Kobakhidze said in the joint statement that the country is building toward a more connected and digitally oriented financial system. Tether CEO Paolo Ardoino said stablecoins have moved past their origins as a niche instrument and are now becoming part of the infrastructure layer for global finance.
"Georgia has moved early to create serious regulatory architecture for digital assets and stablecoins, and that clarity creates the foundation for real innovation and adoption," Ardoino said.
The GELT announcement is part of Tether's broader strategy of issuing currency-specific stablecoins across multiple jurisdictions. The company launched MXNT, a Mexican peso-pegged stablecoin, in May 2022, which remains active. Tether also launched a euro-pegged product called EURT, which was wound down after redemptions closed in November 2025 due to regulatory changes in Europe.
Earlier this year, Tether launched USAT to serve the US market following the passage of the GENIUS Act. USDT, Tether's flagship dollar-pegged product, carries a market capitalization of $189 billion but is not available to US clients.
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