This article is part of a partnership with OC Media. You can read the original English version here.
Tether, the world’s largest stablecoin issuer, has chosen Tbilisi as its new destination for expansion, with Prime Minister Irakli Kobakhidze calling the move a turning point for the country’s investment reputation.
Tether is the world’s largest blockchain-based platform, managing assets and gold reserves worth around $200 billion.
The company has officially launched its operations in Georgia, presenting an ambitious action plan that includes a digital version of the Georgian lari — GELt. The expansion is accompanied by investments that the government says will be directed toward education, social programs, and broader economic development.
Speaking at the presentation of Tether’s investment project in Tbilisi, Kobakhidze viewed the company’s arrival as a signal to global capital markets that Georgia has matured as a destination for international business.
“By launching cooperation with Tether, we are taking a new, very important, and highly exciting step on the path of our economic development,” Kobakhidze said.
He noted that Tether is “a very powerful bridge between the traditional and digital economies,” adding that the company’s planned investments go beyond commercial interests. He emphasized that spending in the social and educational sectors is proof that this partnership carries public benefits.
“This cooperation goes far beyond business interests and is aimed at public benefit,” he said.
In turn, Deputy Economy Minister Mariam Kvrivishvili stated that the government has “created a competitive environment for innovation” thanks to “a flexible tax policy, support for the IT sector, and an overall business climate that has become a significant advantage for Georgia.”
According to Giorgi Kepuladze, chairman of the Georgian NGO Society and Banks, Tether’s issuance of a stablecoin equivalent to the lari is an “interesting step.”
In practice, GELt will function as a digital currency equal to one lari, making transfers easier and cheaper for people. However, Kepuladze warned that this development should be approached with caution and pragmatism.
“The main condition for the success of such a project is trust, the practical fulfillment of commitments, and monitoring,” Kepuladze added, clarifying that the introduction of GELt will not replace traditional banks but will function as a new tool.
Georgia’s financial regulators are satisfied with this scheme. Natia Turnava, the acting governor of the National Bank, told OC Media that the central bank takes a balanced rather than prohibitive approach to digital assets. She explained that the bank has a strict regulatory framework for cryptocurrencies and does not restrict the sector, but rather regulates it transparently.
“Tether is among the top 12 buyers of US Treasury bills and is the global issuer of the USDT stablecoin,” she said.
The National Bank of Georgia has its own plans for digitizing the lari: between 2021 and 2024, it primarily worked on a pilot project to introduce a digital lari, but these plans have not yet yielded the expected results.
This stance aligns with Georgia’s broader efforts to attract investment into the tech sector while ensuring oversight. A transparent regulatory environment is increasingly becoming a key advantage for jurisdictions competing to attract crypto-related businesses, especially as other markets in the region tighten regulations or introduce outright bans.
For the government, Tether’s entry into the market is as much about image as it is about economics.
Kobakhidze stated that this partnership “shows that investor confidence in our country is gradually growing” and that “Georgia is a reliable and trustworthy partner for international companies.”
“Tether’s digital lari could be useful for cryptocurrency and international transfers, but since it is a private currency pegged to the lari, consumers must understand the risks,” Roman Gotsiridze, former head of the National Bank and current opposition figure, told OC Media, adding that given this government’s history of “empty promises,” there are “serious doubts that this will actually happen.”
Tether officially launched operations in Georgia and presented its investment project