Georgia’s stablecoin framework changes the founder conversation from “Can we issue a token?” to “Can we operate a redeemable liability safely?” The National Bank of Georgia’s 2026 framework covers initial offering—including issuance—and subsequent services. A stable virtual asset in circulation must be fully backed by reserve assets.
Full backing is an operating discipline
The reserve cannot be a presentation created for launch day. Circulating liabilities, reserve composition, valuation, liquidity and reconciliation must remain connected. Management needs limits, escalation and evidence for breaks or deterioration in reserve quality.
Segregation must survive stress
Capital and reserve assets have distinct purposes. Legal title, account structure, custody arrangements, access permissions and contractual protections should make that separation meaningful during an incident, provider failure or redemption surge.
Redemption is the product promise
Eligibility, timing, fees, channels, identity checks, failed requests and complaint handling should be designed before distribution begins. A holder-facing promise that operations cannot execute is both a conduct and liquidity problem.
The offering document must match reality
Descriptions of reserves, rights, risks, governance, technology, redemption and conflicts should agree with contracts, system behaviour and management reporting. Changes after launch require controlled assessment rather than silent product drift.
Cyber and operational resilience are part of solvency
Key compromise, ledger failure, reconciliation breaks, unavailable redemption channels or a critical-provider outage can quickly become a reserve and confidence event. Scenario testing should connect technology incidents to liquidity, communications and regulatory escalation.