Tether is expanding its lineup of national stablecoins. The company, together with the government of Georgia, plans to launch GELT—a digital asset pegged to the Georgian lari. The project is expected to operate under new digital asset regulations introduced by the National Bank of Georgia in spring 2026.
GELT is intended for use in cross-border trade, digital payments, and the development of local financial infrastructure. Details remain incomplete: it is unknown who will be the legal issuer of the token, where reserves will be held, or whether holders will have a direct right to redemption.
Georgia Bets on Regulated Stablecoins
In March, the National Bank of Georgia issued rules for the initial offering of “stable virtual assets.” According to these rules, issuing stablecoins in the country is not possible without written consent from the regulator.
The document applies to virtual asset service providers registered with the central bank. If a company does not have this status, it must first register before launching a stablecoin or related services.
The main requirement is full reserve backing. Assets in reserve must meet liquidity and credit quality requirements. This is intended to reduce the risk of a stablecoin losing its peg or being unable to be redeemed by users.
GELT Remains a Project Without a Disclosed Structure
Tether states that GELT will represent the Georgian lari in digital form, but the specific launch model has not yet been disclosed. The company promises to later present the token structure, implementation procedure, and regulatory details.
This is an important point. For any stablecoin, key questions remain reserves, redemption rights, and the legal liability of the issuer. Without this data, the market can currently assess GELT only as a political and technological initiative, not as a ready-made financial product.
Nevertheless, the very fact of Tether’s participation increases attention to the project. The company remains the largest stablecoin issuer in the world and is gradually expanding its presence beyond the dollar-based USDT.
Georgian Authorities Aim to Strengthen Digital Financial Infrastructure
The Prime Minister of Georgia stated that the partnership with Tether will help create a foundation for a more connected and transparent financial system. The President of the National Bank of Georgia also supported the cooperation, linking it to the development of the country’s digital infrastructure.
For Georgia, this is not only a crypto project but also part of a broader strategy. The country is trying to establish itself as a regional hub for digital finance, payments, and blockchain infrastructure.
If GELT is indeed launched in a regulated format, it could become one of the first national stablecoins in the region with direct state support and the involvement of a global issuer.
Tether Expands Its Lineup of Non-Dollar Tokens
GELT is expected to become part of Tether’s small but important lineup of stablecoins not pegged to the dollar. Previously, the company launched tokens based on the Mexican peso and offshore Chinese yuan, and also announced plans to issue a stablecoin pegged to the UAE dirham.
MXNT, pegged to the Mexican peso, appeared in 2022 with support for Ethereum, Tron, and Polygon. CNHT, pegged to the offshore yuan, was created back in 2019 and later expanded to Tron.
However, not all of Tether’s experiments with national currencies have been long-term. The company stopped issuing the euro stablecoin EURT, and redemption of this token ended in November 2025. CNHT is also set to become non-redeemable in February 2027.
Non-Dollar Stablecoins Remain a Niche Market
Despite USDT’s dominance, interest in local stablecoins is gradually growing. Governments and companies are increasingly looking for ways to digitize national currencies without launching a full-fledged central bank digital currency.
Such tokens can be used for remittances, settlements between companies, local trade, and access to digital payments. This is especially relevant for countries seeking to reduce dependence on dollar infrastructure or accelerate cross-border operations.
But demand for non-dollar stablecoins remains limited. Users more often choose dollar assets due to liquidity, recognition, and broad support on exchanges.
The Main Question Is Trust in Reserves
For GELT, the key factor will be not only support from Tether and the state, but also reserve transparency. The National Bank of Georgia already requires external audit verification of documents related to stablecoin issuance.
This could become an important element of trust. If reserves are audited by independent auditors and redemption rules are clear to users, GELT will have a better chance of real use. If the structure remains opaque, the project risks remaining an experiment without mass demand.
What’s Next?
Tether and Georgia still need to disclose the main parameters of GELT: the issuer, reserves, redemption mechanism, and launch timeline. These details will determine whether the token becomes a full-fledged payment instrument or remains a demonstration of the country’s regulatory ambitions.
For now, the project looks like an attempt to combine Tether’s global experience with Georgia’s desire to develop its own digital financial infrastructure. If the launch is successful, GELT could become an important example for other countries seeking to create a national stablecoin without directly issuing a central bank digital currency.
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