Tether, the world’s largest stablecoin issuer, has announced a major investment in Georgia and plans to launch GEL?, a digital token pegged one-to-one to the Georgian lari, a currency used only within the country of 3.7 million. The move signals growing crypto ambitions in the South Caucasus, but also raises concerns about transparency, as it comes with full backing from the authoritarian-leaning Georgian government.

Stablecoins are designed to hold a fixed value, typically pegged to the US dollar, offering a far less volatile alternative to cryptocurrencies, which are prone to dramatic swings. Often dismissed by crypto enthusiasts as the “boring” side of the market, they are intended for fast, low-cost cross-border…