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Why Tether’s Georgia partnership could accelerate sovereign stablecoin adoption

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Why Tether’s Georgia partnership could accelerate sovereign stablecoin adoption


Tether and the Government of Georgia announced GEL₮, a lari-pegged national stablecoin, on the 25th of May 2026.

The move positioned Georgia among the first countries to place its national currency onto blockchain payment rails through a private issuer instead of a state-run CBDC.

Officials said the initiative targeted faster cross-border payments, lower settlement costs, and stronger digital financial infrastructure.

Georgia had reportedly spent months building a stablecoin framework covering reserve management, redemption rights, issuer oversight, and AML compliance.

However, this was not Tether’s first sovereign-style partnership.

Why does the Lugano deal matter?

Tether began testing this model in 2022 through its partnership with Lugano, Switzerland.

At the time, the city’s Bitcoin and USDT payment integration looked experimental to many observers. That changed in 2026 after Lugano expanded into Plan ₿ Phase II, extending its blockchain infrastructure plans through 2030.

Georgia followed a similar path.

The country signed an MOU with Tether in June 2023 before advancing toward a live national stablecoin in May 2026.

That history suggested governments rarely stopped at symbolic partnerships once infrastructure discussions began.

By embracing blockchain and peer-to-peer technologies, Georgia aims to create a favorable business environment and position itself as a leading hub for digital innovation in the region.

That statement came from the 2023 Government of Georgia and the Tether MOU.

How did Tether build government trust?

Tether’s relationship with U.S. agencies followed a different route. It began with enforcement coordination rather than monetary policy integration.

The company onboarded the Secret Service and the FBI onto its platform. It also froze $435 million across 326 wallets during earlier coordination actions.

In April 2026, another enforcement action froze $344 million tied to two addresses.

That pattern mattered.

Tether first built compliance credibility through enforcement cooperation before expanding into broader institutional partnerships. That move aligned closely with Georgia’s current approach toward stablecoin oversight.

What could GEL₮ adoption look like?

USDT’s market capitalization climbed toward $190 billion, while its daily volumes regularly rivaled Visa and Mastercard activity. Even a moderate adoption curve could carry weight for Georgia because of its reliance on remittances.

In fact, Tether’s infrastructure may appeal to governments for another reason.

Its smart contract system allows token freezes, burns, and reissuance. The company said the framework has already processed up to $2.7 billion in recovered stolen funds.

For governments concerned about sanctions evasion or capital flight, those controls may strengthen the appeal of private stablecoin partnerships.

Tether Trading volume and market cap
Source: Santiment

Are sovereign stablecoins becoming the norm?

GEL₮ arrived during a broader expansion push from Tether. The company launched USAT in January 2026 under the U.S. GENIUS Act through Anchorage Digital.

It also partnered with the United Nations Office on Drugs and Crime to combat illicit financial flows across Africa.

That shift left policymakers focused on a larger trend.

Governments increasingly appeared willing to use private blockchain infrastructure instead of building CBDCs from scratch. Georgia may simply be the latest example, not the last one.

Final Summary

  • Georgia partnered with Tether to launch GEL₮, a lari-pegged stablecoin aimed at faster payments and cheaper settlements.
  • The deal strengthens Tether’s role in sovereign payment systems and expands its policy footprint beyond USDT trading markets.

 



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Markets rejoice as deal to reopen Hormuz nears, but US forces conduct ‘self-defense strikes’ on Iran

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moneyvests
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Markets rejoice as deal to reopen Hormuz nears, but US forces conduct 'self-defense strikes' on Iran

Stock futures jumped while oil prices and bond yields tumbled Monday evening on reports that a deal to reopen the Strait of Hormuz was coming together, even as the U.S. military conducted new airstrikes on Iran.

Futures tied to the Dow Jones industrial average surged 297 points, or 0.58%. S&P 500 futures were up 0.64%, and Nasdaq futures leapt 0.90%. All three indexes pulled back a bit from earlier highs.

U.S. oil futures sank 5.5% to $91.32 a barrel, but also pared steeper losses. Gold rose 0.48% to $4,545 per ounce.

The U.S. dollar was up 0.07% against the euro and up 0.04% against the yen. The yield on the 10-year Treasury plunged 7.2 basis points to 4.50%.

Reports over the holiday weekend pointed to an emerging agreement that would extend the ceasefire for 60 days. At the same time, Iran would allow ship traffic to flow freely through the Strait of Hormuz, while the U.S. would lift its naval blockade on Iranian ports.

But the thornier issues of Iran’s uranium and nuclear program as well as the U.S. lifting sanctions and unfreezing Iranian assets would be tackled in negotiations during the 60-day window.

While talks haven’t begun yet, President Donald Trump signaled a major concession on the nuclear issue, saying in a social media post that he’s open to allowing Iran’s enriched uranium be destroyed “at another acceptable location” outside the U.S.

Renewed fighting on Monday has already tested the fragile situation as explosions rocked the southern port city of Bandar Abbas near the Strait of Hormuz.

“U.S. forces conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces,” a U.S. Central Command spokesman told Fox News. “Targets included missile launch sites and Iranian boats attempting to emplace mines.”

He added that U.S. used restraint “during the ongoing ceasefire,” indicating the attacks do not mean the ceasefire is over.

Sources also told Fox separately that the U.S. military destroyed two Islamic Revolutionary Guard Corps vessels trying to deploy mines and a surface-to-air missile site in Bandar Abbas that was targeting U.S. planes.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu said attacks on Hezbollah would intensify, potentially threatening the talks as Iran has insisted that any deal include the Lebanese militant group.

Despite the current ceasefire starting a month and a half ago, Israel and Hezbollah have been exchanging attacks during that time.

“But we are not removing our foot from the pedal,” Netanyahu said Monday. “On the contrary, I said to press on the pedal even more.”

Even if the Strait of Hormuz opens immediately, the full resumption of the oil trade and traffic flows could take two or three months.

Top oil-consuming countries have been releasing reserves to help offset shortfalls while other countries have enacted strict rationing policies.

But the global economy is running out of time. Veteran commodities analyst Jeff Currie, Carlyle’s chief strategy officer of energy pathways, told CNBC that Asia is already close to minimum operating levels, or “tank bottoms.”

“I would say, Asia, you’re there,” he added. “Europe, give it about another month, and look for July being a problem in the U.S.” 



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BJ’s Wholesale plans major store changes as customers pull back

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moneyvests
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BJ’s Wholesale plans major store changes as customers pull back


BJ’s Wholesale is seeing a ripple effect from economic pressure that has boosted its gas business in recent months.

However, its retail business continues to face challenges as demand grows unevenly. In response, the company is planning significant in-store changes that could affect how customers shop.

In the first quarter of 2026, BJ’s comparable club sales increased by 6.3% year over year, which includes gasoline sales, the company’s latest earnings report revealed. Gas was the main driver of this growth; without it, comparable club sales rose only 1.5% year over year.

Data from a recent Placer.ai report revealed that visits to BJ’s gas stations, which offer discounted fuel, gradually increased over the past two months as gas prices rose. For example, during the week of March 9, BJ’s gas station visits spiked by 17.2% year over year, and for the week of April 6, visits rose by a whopping 21.7%.

Gas prices began to inflate following the U.S. and Israel’s attack on Iran in late February. Currently, gas prices nationwide are averaging about $4.52 per gallon, according to recent data from the American Automobile Association (AAA). A month ago, the average gas price was $4.03 per gallon.

In the report, Placer.ai content writer Ezra Carmel wrote that “competitively priced fuel is a meaningful traffic driver during periods of elevated gas prices – reinforcing the value proposition of warehouse club memberships.”

“If fuel prices remain high, members may be more inclined to consolidate shopping trips around fuel fill-ups, potentially boosting both gas station traffic and in-club spending,” he added.

BJ’s plans significant move as customer base shifts 

During an earnings call on May 22, BJ’s Wholesale CEO Bob Eddy said that in April alone, members spent $143 million more at the company’s gas stations than they did a year ago.

“Gas prices increased dramatically during the quarter, putting additional pressure on member wallets,” said Eddy. “By the end of Q1, retail gas prices were up nearly 50% compared to the start of the quarter. In that environment, our role was clear: to help take care of our members by delivering value.”

Despite this growth in gas sales, Eddy warned that club members are continuing to pull back on spending in discretionary categories, as sales growth in these areas remained flat during the quarter.

Related: BJ’s Wholesale makes bold move to lure more shoppers

“While the consumer in the broadest sense has been resilient in the face of continuing challenges, we continue to see a more pressured environment for the lower-income households,” he said.



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Bitcoin prices tighten amid THESE risks – Is BTC volatility building?

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moneyvests
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Bitcoin prices tighten amid THESE risks - Is BTC volatility building?


Bitcoin’s [BTC] internal structure had already started weakening before institutional demand slowed sharply across broader spot markets recently. Market optimism also became fragile once leveraged retail traders started rebuilding aggressive long exposure again.

Spot Bitcoin ETF outflows later surpassed roughly $1.74 billion, while Coinbase Premium turned deeply negative beneath weakening U.S. demand conditions. Binance BTC netflows also surged nearly 425% as older coins returned toward exchanges beneath defensive positioning behavior.

Such a shift reflected experienced holders becoming more cautious while retail traders continued chasing leveraged upside exposure. However, Funding Rates remained positive despite weakening liquidity and slower stablecoin inflows underneath.

If spot demand weakens further, overcrowded longs may amplify broader Bitcoin liquidation volatility.

Bitcoin’s weakening accumulation strength

Bitcoin’s weakening spot participation started pressuring broader market structure once Apparent Demand collapsed toward yearly lows recently. Apparent Demand measures whether long-term accumulation remains strong enough to absorb newly issued Bitcoin supply across markets.

That metric later fell to nearly -147,000 BTC, its weakest level since December 2025 amid fading capital inflows. Earlier, between June and September 2025, demand stayed mostly positive while Bitcoin traded above the broader $100,000 region.

Source: CryptoQuant

However, newer demand later struggled to absorb fresh supply once long-term holder accumulation slowed across broader markets. Futures activity still continued supporting shorter-term momentum despite weakening spot participation underneath current conditions.

That divergence reflected how leveraged positioning remained stronger than real buyer conviction across Bitcoin markets. Yet, deeply pessimistic demand conditions have historically attracted patient long-term accumulation during later recovery phases.

Binance inflows signal rising defensive positioning

Market caution strengthened across Bitcoin markets once Binance started recording persistent inflows over nearly ten consecutive days recently. Traders also became more defensive as geopolitical uncertainty continued pressuring broader risk appetite conditions globally.

Binance inflows later climbed from roughly 378 BTC on the 16th of May toward nearly 1,190 BTC within less than ten days. The largest single-day inflow also surpassed roughly 3,600 BTC on the 18th of May, reflecting stronger transfer activity into exchange wallets.

Source: CryptoQuant

Meanwhile, Binance Bitcoin reserves rebounded from nearly 616,000 BTC to roughly 632,000 BTC after adding around 16,000 BTC within one month.

This increase signaled rising sell‑side liquidity as holders repositioned more cautiously under weaker market conditions. Bitcoin briefly fell 6.2% while inflows stayed elevated across broader markets.

Still, persistent inflows need further confirmation before indicating heavier distribution pressure.

Final Summary

  • Bitcoin spot demand continues weakening as ETF outflows, rising exchange inflows, and negative apparent demand pressure broader market structure.
  • BTC still faces rising liquidation risk, though deeply pessimistic demand conditions have historically attracted longer-term accumulation during later recovery phases.



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Indonesia blocks Polymarket, calling prediction market online gambling in disguise

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moneyvests
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Indonesia blocks Polymarket, calling prediction market online gambling in disguise

Indonesia’s Ministry of Communication and Digital Affairs has blocked access to Polymarket, saying the crypto-based prediction market amounts to online gambling under local law.

The ministry said it had cut access to the platform and was tracing affiliated social media accounts for possible restrictions across other digital channels.

Alexander Sabar, director general of digital space supervision, claimed that platforms that allow users to wager money on uncertain outcomes remain gambling products, even when they use blockchain technology or crypto assets.

Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes. The platform has grown into one of the largest crypto prediction markets, but regulators in several jurisdictions have treated parts of the business as gambling rather than financial-market activity.

Indonesia’s statement did not name Kalshi, a U.S.-regulated prediction market operator, or other platforms but said authorities would restrict similar services that facilitate online gambling.

The order could extend to other prediction-market platforms if Indonesian regulators determine that they allow users to wager money on uncertain real-world events.

Indonesia’s move follows a broader clampdown on prediction markets in Asia. India recently blocked Polymarket after authorities classified such platforms as prohibited online money gaming, with Kalshi also facing potential scrutiny. Polymarket is separately seeking approval in Japan by 2030, where strict gambling rules limit most forms of betting outside state-sanctioned activities.

The Indonesian ministry said Singapore, Brazil and India have blocked Polymarket, while Taiwan, Thailand, China and Japan have imposed restrictions under local law. The prediction market is also blocked in Ukraine, where there’s no legal way for it to come back.

The regulator urged Indonesians not to access or participate in digital betting activity, including markets that use crypto assets, citing potential financial losses and violations of Indonesian law. The ministry said it would keep coordinating with law enforcement and other stakeholders to monitor similar platforms.



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KelpDAO says rsETH recovery completed as backing returns above 100%

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moneyvests
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KelpDAO says rsETH recovery completed as backing returns above 100%


KelpDAO said it has completed the operational phase of its rsETH recovery plan. This comes after transferring the final tranche of 20,373.72 rsETH into the protocol’s OFT adapter. It marked the latest step in restoring confidence around the liquid restaking asset’s cross-chain backing infrastructure.

In an update published on 25 May, KelpDAO said the transfer finalized a broader refill process that saw approximately 116,000 rsETH replenished into the rsETH OFT adapter over the last two weeks with support from Aave.

The protocol added that minting, redemption, and reward operations have been functioning normally since the system resumed operations following the disruption.

Dashboard shows backing ratio above 100%

KelpDAO also pointed users to its live rsETH dashboard, which currently shows:

  • a 100.01% ETH backing ratio,
  • and full bridge lockbox coverage across both LayerZero and Chainlink infrastructure.

The figures are intended to reinforce the protocol’s claim that rsETH has remained fully backed since the system was unpaused.

KelpDAO rsETH backing
Source: Vercel app

The dashboard update comes as liquid staking and restaking protocols continue facing heightened scrutiny across DeFi following multiple bridge, custody, and infrastructure-related incidents over the past year.

Cross-chain collateral integrity becomes central issue

The recovery process centered around the rsETH OFT adapter, which plays a key role in managing cross-chain liquidity and token movement across supported networks.

By replenishing the adapter and restoring bridge coverage metrics to 100%, KelpDAO appears to be focusing heavily on restoring confidence in the protocol’s solvency and redemption reliability.

Aave’s involvement in the refill process also highlights the increasingly interconnected nature of major DeFi protocols during periods of operational stress.

Recovery efforts move from operations to confidence rebuilding

KelpDAO has described the latest transfer as the end of the operational recovery phase. However, the broader challenge may now shift toward rebuilding user confidence after the disruption.

Recent months have seen investors become increasingly sensitive to:

  • bridge security,
  • backing transparency,
  • and solvency concerns across restaking and liquid staking ecosystems.

Protocols have responded by placing greater emphasis on real-time reserve dashboards, proof-of-backing systems, and publicly trackable recovery wallets.

Final Summary

  • KelpDAO said it completed the operational phase of its rsETH recovery after transferring the final 20,373.72 rsETH tranche into the OFT adapter.
  • The protocol’s dashboard currently shows a 100.01% ETH backing ratio and full bridge lockbox coverage.

 



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Google and Amazon’s Earliest Backer Calls AI “Underhyped”

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moneyvests
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Google and Amazon's Earliest Backer Calls AI "Underhyped"


Topline

Venture capitalist John Doerr, whose early checks into Amazon and Google helped underwrite the modern internet, called artificial intelligence the “biggest tsunami” of innovation he’s ever tracked in his more than four decades of investing and has actually been “underhyped”—joining a growing group of tech power players making maximalist claims about where the technology is headed.

Key Facts

Doerr, 74, told The Wall Street Journal in an interview published Monday the latest AI wave is the “biggest thing ever. Since everything,” arguing the public still does not grasp how it will reshape education, employment, healthcare and “life as we know it.”

He framed AI as the fourth major “tsunami” in a roughly 13-year cycle he traces back to the 1980 PC and microchip revolution, followed by the internet wave and then the iPhone and cloud computing era.

Doerr cited adoption data to support the case, telling the Journal that “just three years after ChatGPT was launched, 50% of Americans say they use generative AI”—a figure consistent with an April 2026 Ipsos survey finding half of Americans had used an AI service in the past week.

He said his personal investing, now run through his family office after he stepped down as venture capital firm Kleiner Perkins’ chairman, is focused on entrepreneurs using AI to tackle the climate transition and transform healthcare.

On top of early bets in Google and Amazon, Doerr is known for his investments in companies including Twitter, DoorDash, Slack and Intuit.

Key Background

Doerr’s “underhyped” framing slots into an increasingly crowded field of tech billionaires and AI executives making sweeping, civilization-scale predictions about the technology. “We are heading toward a system that will be capable of doing innovation on its own. I don’t think most of the world has internalized what that’s going to mean,” OpenAI CEO Sam Altman told Forbes earlier this year. In late January, Anthropic CEO Dario Amodei warned in a blog post that humanity is entering “a rite of passage…which will test who we are as a species,” calling powerful AI potentially “the single most serious national security threat” of the century. Nvidia CEO Jensen Huang, whose company has ridden the buildout to a roughly $4 trillion market cap, told the World Economic Forum in Davos in January that AI has already triggered “the largest infrastructure build-out in human history” and told Carnegie Mellon graduates during his May commencement speech: “AI is not just creating a new computing industry, it is creating a new industrial era.” Bill Gates wrote in January that “there is no upper limit on how intelligent AIs will get or on how good robots will get,” and told “The Tonight Show” last year that within a decade humans “won’t be needed” for “most things,” with AI replacing doctors and teachers. Last week, the world’s richest man Elon Musk said at the Forbes Innovation 250 celebration dinner, “In five years, digital intelligence will exceed the sum of all human intelligence. In five years, there might be at least 100 million humanoid robots, but maybe a billion.”

Forbes Valuation

Doerr’s net worth sits around $24.4 billion thanks largely to his stake in Alphabet, per Forbes estimates. Doerr famously wrote Kleiner Perkins’ largest-ever check at the time—$12 million for 12% of a $100 million Google—after meeting Larry Page and Sergey Brin in a Menlo Park garage in 1999. Alphabet’s market cap has grown to $4.62 trillion today and shares are up more than 120% since last May thanks to the company’s AI pivot, from the Gemini model and AI overviews in its search function to its custom AI chips.

Tangent

Doerr has also conspicuously skipped investing in crypto, telling the Journal he didn’t see crypto as the kind of founder- and team-driven business that built his career in software, though he said “there is still plenty of time for me to be wrong.” His misses have a track record of their own: He infamously backed the Segway and Fisker Automotive, telling the Journal his partners reminded him “never invest in anything with wheels.” (He missed Tesla.)



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