Tether announced plans to launch GELT, a new stablecoin tied to the Georgian Lari. The digital currency represents one of the first joint efforts pairing a national currency with a purpose-built stablecoin. Unlike typical cryptocurrencies that fluctuate in value, GELT maintains a fixed value equivalent to Georgia's official currency, offering stability in the volatile crypto market.

The stablecoin project has full support from the Georgian government, with Tether working alongside the country's legislature, regulatory bodies, and the National Bank of Georgia for several years. According to the company, GELT will provide lower transaction costs, near-instant settlement, and programmable payments, potentially revolutionizing financial transactions within Georgia and potentially beyond.

This move follows Kyrgyzstan's launch of its own state-sponsored stablecoin, USDKG, in November. While stablecoins face regulatory scrutiny in many countries, Georgia's embrace of digital currency could signal broader acceptance. Tether has not yet released specific details about GELT's structure, rollout timeline, or implementation plans, though more information is expected soon.