A stablecoin is not legally “stable” because of its name. The 2026 U.S. SEC/CFTC interpretation again shows that legal classification depends on economic function, holder rights, reserves, redemption, yield expectations and the operating model. The same technology may fall under different regimes in different jurisdictions.

What changed globally in 2026

The SEC’s 17 March 2026 interpretation addressed categories of digital assets and their relationship with U.S. securities laws. SEC educational materials also explain that payment stablecoins are assessed under specific statutory conditions, while other stablecoins may fall into a different category.

That is a U.S. approach, not Georgian law. It is nevertheless the same question an international bank, exchange or investor will ask: is the token a payment instrument, investment, market product, reserve-backed claim or only a technical unit?

What a project should clarify before launch

Who issues the token and who controls reserve, redemption or governance rights.
Whether fiat reserves exist, how they are verified and what happens in a shortfall.
Whether the user has a legal claim or only a digital balance in a wallet.
Who provides custody, exchange, transfer, trading-platform or ICO services.
How KYC, AML/CFT, sanctions screening, travel-rule and consumer disclosures work.

The Georgian legal checkpoint

The National Bank of Georgia registers and supervises VASPs. Its official guidance separately points to rules for a Stablecoin Initial Coin Offering, including issuance. In November 2025 the NBG also announced an amendment effective 1 January 2026 requiring a VASP to display or make available the NBG registration act in a visible form across every channel where the service is provided.

A Georgian project therefore cannot rely only on a foreign whitepaper. It should assess whether its activity is a VASP service in Georgia, whether registration is required, which stablecoin rule applies and what consumer information must be provided.

Custody and customer money

Stablecoin risk often sits in custody rather than issuance. If a company controls customer keys or transfers assets for customers, a different service category and additional operational requirements may apply. The contract should clearly address ownership, redemption, technical outages and insolvency treatment.

Practical conclusion

In 2026, stablecoin due diligence should start with the token’s function, not its marketing name. In Georgia that means checking NBG VASP and stablecoin rules, AML/CFT controls, consumer documentation and the separate laws of every foreign market served.

Frequently asked questions

Is every stablecoin simply an ordinary crypto-exchange service? No. The service and customer rights determine the regulatory analysis.
Is a foreign licence automatically enough in Georgia? No. Services provided in Georgia may require NBG registration and compliance with Georgian rules.
What should the project document? A functional whitepaper, reserve and redemption policy, risk assessment, AML/CFT programme, customer agreement and incident plan.

Primary sources: SEC, crypto-assets interpretation — https://www.sec.gov/newsroom/press-releases/2026-30-sec-clarifies-application-federal-securities-laws-crypto-assets ; SEC, crypto assets and federal securities laws — https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/crypto-assets-federal-securities-laws ; NBG, VASPs — https://nbg.gov.ge/en/page/virtual-asset-service-providers-vasps ; NBG, stablecoin ICO rule — https://nbg.gov.ge/fm/%E1%83%98%E1%83%9C%E1%83%9D%E1%83%95%E1%83%90%E1%83%AA%E1%83%98%E1%83%94%E1%83%91%E1%83%98%E1%83%A1/vasps/initial-coin-offering-stablecoin-final-eng.pdf

NoticeThis publication is for general information and is not individual legal advice.