The project will be supported by the Georgian government. The stablecoin will be called GEL₮.

According to the company, GEL₮ will reduce transaction costs, enable near-instant settlements, programmable payments, and more efficient movement of funds within the digital financial infrastructure. The project is expected to facilitate the development of international trade, fintech, digital payments, and access to programmable financial services in Georgia. Further details on the GEL₮ structure, launch schedule, and regulatory mechanisms will be announced later.

Tether notes that Georgia is already considered one of the most developed jurisdictions in the digital payments space. For example, this applies to the ability to pay taxes through the instant conversion of digital assets into national currency. Importantly, Georgian legislation was developed with compatibility with the US cryptocurrency legal framework, including the GENIUS Act. This makes Georgia one of the first countries seeking direct regulatory compatibility with the American digital financial system.

In March, the National Bank of Georgia authorized companies registered in the country to issue stablecoins in lari and other currencies. Issuance is available to legal entities with capital of at least 500,000 lari and only with the regulator's approval.

Tether is the issuer of the dollar-denominated stablecoin USDT, with a current market capitalization of $189 billion. The company is also developing the XAUT token, which holders can exchange for physical gold.