How to convert USDT to USD for a business in Georgia
A company in Georgia, the country, can sell USDT or USDC it lawfully holds for US dollars through a virtual asset service provider registered with the National Bank of Georgia (NBG), and receive the dollars in its own bank account. It may not accept USDT or USDC as payment for its goods or services: the NBG states that payments with virtual assets are prohibited, and that Georgian companies are not authorized to receive them for goods or services supplied abroad. This guide covers the NBG regime, the routes, documents, tax points and where Helm fits.
- The National Bank of Georgia states that payments with virtual assets are prohibited, except in cases set by an NBG legal act.
- According to the NBG, a company or sole proprietor registered in Georgia is not authorized to receive virtual assets as payment for goods or services supplied abroad.
- Virtual asset service providers must register with the NBG, a requirement that applies from 1 January 2023, under a registration rule in force since 1 July 2023.
- The NBG lists seven virtual asset services, including exchange between convertible virtual assets and fiat currencies, transfer, safekeeping and the administration of trading platforms.
- Amendments to the Organic Law on the NBG dated 17 December 2025 gave the NBG full supervisory authority over virtual asset service providers, and a regulation announced on 10 March 2026 requires stablecoins issued in Georgia to be 100% backed by reserve assets.
- Georgian banks open business accounts in US dollars, so dollars from a conversion through a registered provider can be paid into the company's own USD account in Georgia.
Is it legal for a Georgian company to convert USDT to USD?
Yes, with one firm limit. A company registered in Georgia, the country in the South Caucasus, can sell USDT or USDC it lawfully holds for US dollars through a virtual asset service provider registered with the National Bank of Georgia (NBG). What it may not do is take USDT or USDC as payment for its goods or services, including from customers abroad. The NBG states that payments with virtual assets are prohibited except in cases it sets, and that a Georgian company is not authorized to receive virtual assets as payment for goods or services supplied abroad.
USDT (issued by Tether) and USDC (issued by Circle) are stablecoins: digital tokens designed to hold a steady value of one US dollar each. Georgian law treats them as virtual assets, not as money. A virtual asset service provider, or VASP, is a business that provides virtual asset services, such as exchange or custody, for other people.
| Source | What it says | What it means for a company |
|---|---|---|
| NBG, virtual asset definition | A digital representation of value that is interchangeable and not unique, used for investment or payment; excludes digital representations of fiat currencies, securities and other financial instruments | USDT and USDC are virtual assets, not dollars |
| NBG FAQ on payments | Payments with virtual assets are prohibited, except in cases set by an NBG legal act | A company should not pay or be paid in stablecoins |
| NBG FAQ on payments from abroad | A company, sole proprietor or other entity registered in Georgia is not authorized to receive virtual assets as payment for goods or services supplied abroad, except a VASP taking its fee in the same asset | Exports and services sold abroad should be invoiced and paid in money |
| NBG VASP rule, in force from 1 July 2023 | VASPs register with the NBG; fit and proper and anti-money laundering requirements apply | Convert through a registered provider |
| Amendments to the Organic Law on the NBG, 17 December 2025 | Full NBG supervisory authority over VASPs, including prudential supervision and consumer protection | The regime is tightening, not loosening |
| Andersen Georgia on the lari | The lari is the only legal means of payment in Georgia | Dollars received are held in dollars; local payments are made in lari |
Sources: National Bank of Georgia, VASP page and FAQ; NBG announcements of 20 June 2023 and 10 March 2026; Andersen Georgia. As published on 29 October 2026.
The NBG's position on payments from abroad is the point most companies miss. Many Georgian software firms, agencies and traders are paid by foreign clients, and some clients offer USDT. Under the NBG's published answer, the company should decline and ask for payment in dollars or another currency instead. This page is about Georgia the country, not the US state.
The NBG's virtual asset service provider regime
Georgia regulates crypto through the businesses that provide services, not through the users. The NBG's VASP page lists seven virtual asset services. Anyone providing them for others is a VASP and must be registered.
| Virtual asset service | Example |
|---|---|
| Exchange between convertible virtual assets and fiat currencies, between virtual assets, or between a virtual asset and a financial instrument, including through kiosks | Selling USDT for lari or US dollars |
| Transfer of convertible virtual assets | Sending USDC to another wallet for a client |
| Safekeeping or administration of convertible virtual assets, or of the means to control them | Holding a client's USDT in custody |
| Portfolio management of convertible virtual assets, excluding collective portfolio management | Managing a client's crypto holdings |
| Administration of a trading platform for convertible virtual assets | Running an exchange |
| Lending of convertible virtual assets | Lending USDT to clients |
| Initial coin offering of convertible virtual assets and related services | Issuing a token, including a stablecoin |
Source: National Bank of Georgia, Virtual Asset Service Providers (VASPs) page, as published on 29 October 2026.
A convertible virtual asset is one with an equivalent market value in money, another virtual asset or a financial instrument, into which it can be exchanged. USDT and USDC are convertible virtual assets.
Registration and supervision
- Registration is mandatory. The NBG states that a VASP is obliged to register with it, a requirement that applies from 1 January 2023, and Andersen summarizes the law as prohibiting virtual asset services without registration. The registration rule approved on 20 June 2023 took effect on 1 July 2023.
- Who can register. Revera, a Georgian law firm, summarizes that a VASP is a legal entity registered under Georgian law, that the NBG decides an application within 60 days and that the registration fee is 5,000 lari.
- Fit and proper and anti-money laundering rules. The 2023 rule sets criteria for administrators and significant shareholders, including beneficial owners, and anti-money laundering requirements aligned with FATF recommendations. FATF is the Financial Action Task Force, the international body that sets anti-money laundering standards.
- Full supervision. Amendments to the Organic Law on the NBG dated 17 December 2025 gave the NBG full supervisory authority over VASPs, including prudential supervision, consumer protection, cybersecurity and operational risk.
- Stablecoin issuance. On 10 March 2026 the NBG announced a regulation on the initial offering of stable virtual assets: every stablecoin in circulation must be 100% backed by reserve assets, and issuers must redeem on request. Interfax reported a minimum capital of 500,000 lari and redemption at par within three business days.
The NBG publishes a register of VASPs on its website as a downloadable file. Check the provider's name and registration there before you open an account, and keep a copy of the entry with your records.
The payment ban: why a company should not be paid in USDT
The rule that shapes everything else is the ban on payments. Andersen states that a virtual asset is not a legal means of payment and that making payments with one is prohibited, with exceptions to be listed by the NBG, and notes that the scope of the prohibition is not fully clear. The NBG's own FAQ applies the rule to receipts from abroad.
| Situation | Position on the sources we checked |
|---|---|
| A Georgian company pays a Georgian supplier in USDT | Prohibited: payments with virtual assets are not allowed, and the lari is the only legal means of payment |
| A foreign client pays a Georgian company in USDT for services supplied abroad | Not authorized, under the NBG FAQ |
| A foreign buyer pays a Georgian exporter in USDC for goods | Not authorized, under the NBG FAQ |
| A registered VASP takes its fee in the same virtual asset it is handling | Allowed, as the exception the NBG names |
| A company sells USDT it holds through a registered VASP | An exchange service the VASP regime covers |
| An individual trades peer to peer with his or her own funds | Generally not a VASP activity, according to the NBG FAQ |
Sources: National Bank of Georgia FAQ; Andersen Georgia. Compiled by the Helm Editorial Team, as published on 29 October 2026. Take Georgian legal advice on your own facts.
In practice, this means a Georgian company should invoice in money and be paid in money. The question of converting USDT to USD should arise only for stablecoins the company holds lawfully, for example as an investment or treasury holding approved by its board, not as payment for its sales.
The routes Georgian businesses use, and their risks
Companies in Georgia use four routes to turn stablecoins into money in a bank account. The table compares them. It is not a ranking.
| Route | How it works | What you receive | Main points to check |
|---|---|---|---|
| VASP registered with the NBG | Open a business account, deposit the stablecoins, sell them and withdraw | Lari or US dollars to the company's bank account, depending on the provider | The NBG register entry, the services it is registered for, its rate and fee, which bank it pays out from |
| Kiosk operated by a registered VASP | Exchange at a machine | Usually cash | Cash breaks the paper trail; unsuitable for company funds |
| Provider outside Georgia | Convert in an account abroad in the company's name | US dollars in an account abroad | Whether it serves Georgian companies and how Georgia's registration rule applies; Revera summarizes that a VASP must be a legal entity registered under Georgian law |
| P2P buyer or OTC dealer | Sell to another user or a dealer who pays by bank transfer | Lari or dollars from a third party's account | Whether the dealer acts as an unregistered VASP; funds from strangers; weak records |
Sources: National Bank of Georgia VASP page and FAQ; Revera. Compiled by the Helm Editorial Team, as published on 29 October 2026.
P2P (peer to peer) means trading directly with another user, with a platform acting only as a marketplace. OTC (over the counter) means a dealer that trades blocks directly with clients. The NBG states that individuals trading peer to peer with their own funds are generally not VASPs, but a person who regularly buys and sells for others is providing an exchange service. For a company, the risk of P2P is practical as much as legal: the buyer pays from an account that may be unconnected to the trade, and a bank that later receives a fraud report can freeze the receiving account while it investigates.
Getting US dollars into an account in the company's name
Georgia makes the dollar side easy. Georgian banks, including TBC Bank and Bank of Georgia, open business accounts in US dollars as well as lari, and the sources we checked describe no export proceeds deadline or contract registration of the kind found in some neighboring countries. Our guide to a USD business account in Georgia covers the options in full.
| Path | Conversions | Where the dollars end up | What to check |
|---|---|---|---|
| Sell through a registered VASP for dollars | One: stablecoin to dollars | The company's USD account at a Georgian bank | That the VASP pays out in dollars and from which bank |
| Sell through a registered VASP for lari, then buy dollars | Two: stablecoin to lari, lari to dollars | The company's USD account at a Georgian bank | The VASP's spread plus the bank's dollar rate |
| Convert abroad into a USD account in the company's name | One: stablecoin to dollars | A USD account abroad | The provider's eligibility and registration position; how the dollars come back to Georgia for lari costs |
Source: Helm Editorial Team, as published on 29 October 2026.
Every step should run through accounts in the company's own name. A director's personal wallet or exchange account breaks the link between the company's records and the money it receives, and Georgian banks ask what each incoming transfer is for. Keep the dollars in dollars if your suppliers invoice in dollars; convert to lari only for local costs, which are paid in lari.
Documents, records and tax points
A registered VASP will ask for a full company file before it opens a business account, because the anti-money laundering rules require it to identify the client and its owners. Andersen summarizes that VASPs must verify clients and beneficial owners, apply preventive measures to transactions above USD 1,000, EUR 1,000 or GEL 3,000, and keep records for five years.
| Document or record | Why you need it |
|---|---|
| Extract from the Georgian public registry | Shows the company, its directors and owners |
| Charter and the decision appointing signatories | Shows who may open the account and trade for the company |
| Passports and proof of address of directors and owners of 25% or more | Client and beneficial owner identification |
| Board approval for holding and selling virtual assets | Shows the holding is a company decision, not a director's |
| Record of how the company acquired the stablecoins | Shows the holding is lawful and not a payment for sales |
| Blockchain transaction record: hash, network and addresses | Shows the tokens moved from the company's wallet |
| The VASP's trade confirmation and the bank statement | Shows the rate, the fee and the money arriving |
Typical requirements compiled by the Helm Editorial Team; each provider sets its own. As published on 29 October 2026.
A transaction hash is the unique identifier of a blockchain transfer, which anyone can look up on a public block explorer.
Tax points
Andersen notes that the Tax Code of Georgia was not amended for virtual assets, and that Public Decision No. 201 of the Ministry of Finance of 28 June 2019 is the main guidance on how crypto is taxed. Agree with your adviser how the company records the stablecoins, the gain or loss on conversion and any later distribution of profit. This guide does not give tax advice.
Where Helm fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm can serve businesses in Georgia, and for most of them the useful feature is not the stablecoin one.
- Be paid in dollars instead of stablecoins. A Helm account gives the company USD account details in its own name, with a US routing and account number that receives ACH, Fedwire and SWIFT. A foreign client that offers USDT can pay the same invoice in dollars by a domestic US transfer, which keeps the company inside the NBG's rules. ACH is the low-cost US domestic bank transfer system, and Fedwire is the Federal Reserve's same-day system for large payments. Our guide on receiving USD from overseas buyers covers what to put on the invoice.
- Use the dollars. Hold them, convert between balances, or send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Stablecoins, only where the law allows. A Helm account can receive, send and convert USDC and USDT to USD, but these features are available only where local law allows. They must not be used by a Georgian company to accept stablecoins as payment for its goods or services, which the NBG states it is not authorized to do. For stablecoins the company already holds lawfully, use the feature only after Georgian counsel has confirmed in writing that it is open to the company.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance is arranged case by case.
A checklist before your company converts
- Invoice in money, not stablecoins, including for clients abroad; the NBG does not authorize Georgian companies to receive virtual assets as payment.
- Convert only stablecoins the company holds lawfully, with a board decision on file.
- Check the provider on the NBG's VASP register and confirm it is registered for exchange services.
- Open the provider account in the company's name, never a director's personal account.
- Confirm the token and network the provider supports, and send a small test amount first.
- Choose a provider that pays out in dollars if you need dollars, to convert once rather than twice.
- Keep the transaction hash, trade confirmation and bank statement with the board decision.
- Agree the tax treatment with your adviser before the first conversion.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Georgian company convert USDT to US dollars?
Yes, for stablecoins it lawfully holds, through a virtual asset service provider registered with the National Bank of Georgia. Exchange between virtual assets and fiat currencies is one of the services the NBG's VASP regime covers, and the dollars can be paid into the company's own bank account.
Can a Georgian company accept USDT as payment from a foreign client?
No, according to the NBG. Its FAQ states that a company, sole proprietor or other entity registered in Georgia is not authorized to receive virtual assets as payment for goods or services supplied abroad, except a VASP taking its own fee in the same asset.
Is crypto legal in Georgia?
Holding crypto is not banned, and businesses that provide crypto services must register with the National Bank of Georgia. Virtual assets are not a legal means of payment, and the NBG states that payments with them are prohibited except in cases it sets.
Who regulates crypto exchanges in Georgia?
The National Bank of Georgia. Virtual asset service providers have had to register with it since 2023, and amendments to the Organic Law on the NBG dated 17 December 2025 gave it full supervisory authority over them, including prudential supervision and consumer protection.
How do I check if a crypto provider is registered in Georgia?
The NBG publishes a register of virtual asset service providers on its website as a downloadable file. Check the provider's name and the services it is registered for before opening an account, and keep a copy of the entry.
Can a Georgian company pay a supplier in USDT?
It should not. The NBG states that payments with virtual assets are prohibited except in cases it sets, and the lari is the only legal means of payment in Georgia. Pay suppliers in money from a bank or payment account in the company's name.
What documents does a Georgian VASP ask a company for?
Expect a public registry extract, the charter, the decision appointing signatories, identification of directors and owners of 25% or more, and proof of address. Andersen summarizes that VASPs must verify clients and beneficial owners and keep records for five years.
How is crypto taxed for companies in Georgia?
Andersen notes that the Tax Code of Georgia was not amended for virtual assets and that Public Decision No. 201 of the Ministry of Finance of 28 June 2019 is the main guidance. Agree the treatment of gains and later profit distributions with your adviser.
Can stablecoins be issued in Georgia?
Yes, under an NBG regulation announced on 10 March 2026. Every stablecoin in circulation must be 100% backed by reserve assets and redeemed on request, and Interfax reported a minimum capital of 500,000 lari and redemption at par within three business days.
References
- National Bank of Georgia: Virtual Asset Service Providers (VASPs)
- National Bank of Georgia: FAQ on virtual assets and virtual asset service providers
- National Bank of Georgia: The NBG has approved the Rule of Virtual Asset Service Provider Registration (20 June 2023)
- National Bank of Georgia: The NBG develops regulation on virtual asset services (10 March 2026)
- Andersen Georgia: Virtual asset services in Georgia
- Revera: Virtual assets in Georgia, regulation and new practical challenges
- Interfax: Georgia allows resident companies to issue stablecoins (10 March 2026)
- Andersen Georgia: lari as the only legal means of payment and virtual assets
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.