Key facts
- Tether plans to launch a digital token pegged to the Georgian lari.
- The token will be named GEL?
- The Georgian government fully backs the initiative.
- Georgia has 3.7 million citizens.
Tether, the world's largest stablecoin issuer, has announced a significant investment in Georgia and plans to launch GEL?, a digital token that will be pegged one-to-one to the Georgian lari. The Georgian lari is the national currency of Georgia, a country with a population of 3.7 million. This initiative represents growing cryptocurrency ambitions within the South Caucasus region. However, the plan has also generated concerns regarding transparency, particularly because it has received full backing from the Georgian government, which is described as authoritarian-leaning. Stablecoins are designed to maintain a stable value, typically by being pegged to a major currency like the US dollar, providing a less volatile option compared to other cryptocurrencies.