May 25 (Reuters) – Tether, the issuer of the world’s largest stablecoin, said on Monday it plans to launch a stablecoin representing the Georgian Lari, with the support of the government of Georgia, making it one of the first joint efforts to place a national currency on digital asset rails.
The stablecoin will be called ‘GEL₮’, Tether said.
Stablecoins are a type of cryptocurrency pegged to a fiat currency. They are mostly used in crypto trading, and have surged in size in recent years.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Nivedita Bhattacharjee)
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