Tether to launch ‘official’ stablecoin with Georgia support
Key takeaways
- Tether said the token will be a “digital representation of the Georgian lari,” called GELT, with details on its structure, rollout and implementation to be announced later.
- Georgia, a South Caucasus country of 3.7 million, is among the world’s top miners of cryptocurrency.
- Stablecoins are a type of cryptocurrency pegged to a fiat currency.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Tether, the world’s biggest stablecoin issuer, plans to launch a crypto token representing the Georgia’s lari with the support of Georgia’s government, the company said on Monday, in the latest sign of the country’s pro-crypto approach.
Tether’s new token is unusual in being launched by a private company in partnership with a government, although Tether did not detail the nature of the partnership, or whether what it called the “official” stablecoin amounted to a central bank digital currency.
Georgia’s Prime Minister Irakli Kobakhidze, head of the central bank, Natia Turnava, and a member of parliament, Vakhtang Turnava, were quoted in Tether’s statement expressing support for Tether and financial innovation more broadly, but did not refer to the token directly.