Tether to Launch Georgian Lari-Pegged Stablecoin with Government Support

Tether, the world's largest stablecoin issuer, announced plans to introduce a new token pegged to the Georgian lari, to be known as GELT, with the explicit support of the Georgian government.

According to the announcement, the initiative is intended to support cross-border commerce, fintech development and digital payments in Georgia. Tether did not fully detail the nature of the partnership with the government, and the move was described as an unusual collaboration between a private company and a government for an "official" stablecoin, distinguishing it from typical central bank digital currency projects.