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Georgia now allows companies to issue stablecoins backed by reserve assets
According to market news, the Central Bank of Georgia has enacted new regulations allowing companies registered and licensed in Georgia to issue stablecoins pegged to the national currency, provided they are fully backed by reserve assets.
Users can redeem stablecoins at face value at any time, and the issuer must meet capital requirements and undergo strict audits. According to the regulations, issuing institutions must register with the central bank and obtain written permission, with a regulatory capital of at least 500,000 lari (approximately $183,000), and a quarterly audit by one of the "Big Four" accounting firms is required when reserve assets exceed 15 million lari (approximately $5.5 million).
Redemption requests up to 300,000 lari must be completed within three working days, while larger amounts must be completed within five working days. The new regulations cover stablecoins pegged to the Georgian lari, foreign currencies, or other assets, with a reserve coverage ratio of 100%, and the assets must be clearly separated from the issuer's own assets.
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