National Bank of Georgia develops stablecoin issuance rules requiring full reserve backing and external audit verification

The National Bank of Georgia has developed a regulation governing the initial offering of stable virtual assets, setting requirements for the issuance of stablecoins as part of its efforts to strengthen virtual asset regulation. In remarks outlining the measure, Vice Governor Nino Jelaidze said the rule is intended to protect consumer rights, raise risk management standards in the financial sector, and align Georgia’s framework with international standards while assessing potential future risks. Under the regulation, stable virtual assets in circulation must be fully backed by reserve assets that meet high liquidity and credit rating requirements. The issuance process is intended to be fully transparent through an offering document and subsequent verification by external auditors, with comprehensive public information on issuers, reserves, and risk management practices. The National Bank of Georgia referenced international approaches in the European Union, the United States, Singapore, and the United Kingdom, and noted technical assistance cooperation with the World Bank and the Organization for Security and Co-operation in Europe.