The National Bank of Georgia confirms that global crypto company Tether has officially submitted a registration application to issue a Georgian lari-backed stablecoin (GELT), with the registration process currently underway. The announcement follows Tether’s presentation of the project on May 25, attended by Prime Minister Irakli Kobakhidze, Economy Minister Mariam Kvrivishvili, and NBG President Natia Turnava.
According to the central bank, Georgia has become the first country in the region to establish a regulatory framework for issuing and listing stable virtual assets. The rules, adopted in March 2026, require issuers to fully back stablecoins with 100% reserves of user funds at all times.
The NBG noted that virtual asset service providers must be registered under the central bank’s supervision, and issuance is only permitted after completing licensing procedures. The regulator emphasized that the framework is designed to ensure transparency, stability, and compliance with international best practices.
Tether CEO Paolo Ardoino stated that the GELT stablecoin will be fully backed one-to-one by lari reserves and integrated into crypto wallets, enabling users to transfer funds and conduct crypto transactions. He added that issuance volume will depend entirely on market demand once regulatory approval is secured.
