Tether will launch an 'official' stablecoin in Georgia tied to local currency
Key takeaways
- The new cryptocurrency will be called GELT and will represent the Georgian Lari.
- Tether Tether announced it will launch a cryptocurrency called GELT that's tied to the official currency of the country of Georgia.
- According to Tether, the GELT will be a "digital representation of the Georgian Lari" that allows for "lower transaction costs, near-instant settlement, programmable payments" and more.
The new cryptocurrency will be called GELT and will represent the Georgian Lari.
Tether Tether announced it will launch a cryptocurrency called GELT that's tied to the official currency of the country of Georgia. The company behind the USDT, a stablecoin that maintains a 1:1 value with the US dollar, said in a press release that this is one of the first joint efforts that pairs a national currency with a purpose-built stablecoin. Unlike most cryptocurrency, stablecoins are tied to a currency that's officially issued by a government. In this case, GELT will be tied to the Georgian Lari and has support from the Georgian government.
According to Tether, the GELT will be a "digital representation of the Georgian Lari" that allows for "lower transaction costs, near-instant settlement, programmable payments" and more. Tether said that it worked for several years alongside the country's legislature and regulatory bodies, as well as the National Bank of Georgia, to establish the stablecoin.