Tether Partners with Georgia to Launch Lari-Pegged Stablecoin

Tether has made significant strides in the global cryptocurrency market with its latest announcement of launching GELT, a Georgian lari-pegged stablecoin.

The collaboration between Tether and the Government of Georgia, as well as the National Bank of Georgia, is expected to enhance Georgia's position as a regional crypto hub. The government and central bank will provide backing for the stablecoin, which will be pegged to the value of the Georgian lari.

The introduction of GELT is part of Tether's broader strategy to expand its stablecoin portfolio beyond USDT, which has a market capitalisation of nearly $190 billion. The company already issues tokens linked to other currencies and precious metals such as gold.