Tether is set to launch a Georgian stablecoin.
The world’s largest stablecoin issuer has officially partnered with the Georgian government to launch Georgia’s own national stablecoin. Backed by the Lari sovereign currency, the GELT stablecoin is targeted for domestic payments and finance later this year.
This collaboration has the support of both the Georgian government and its national bank.
In this announcement, Prime Minister Irakli Kobakhidze has expressed:
Together with visionary partners like Tether, Georgia is laying the foundations for a more connected, transparent, and digitally empowered financial world.”
Tether is continuing to advance its mark in the global stablecoin market.
As more countries begin to adopt stablecoin technology as a means for local and international financial transactions, governments are seeking infrastructure providers and issuers whose underlying issuance infrastructure has already been tested.
This comes a few months after Tether had announced it will be winding down its European stablecoin EURT, however, it still maintains active issuance for other non-USD stablecoins such as CNHT (for Chinese Yuan Renminbi) and MXNT (for Mexican Peso) stablecoins.
