Georgia Aims to Shape Fintech's Future with Collateral, Coins, and Charters

A combination of tokenized deposits, stablecoins, and specialized banking charters could transform banking and payments in Georgia's 'Transaction Alley'.

Published on Feb. 21, 2026

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Georgia is emerging as a hub for fintech innovation, with a three-layer stack of financial technology and engineering powering the future of money and payments. This includes tokenized deposits that modernize banking while preserving the credit engine, stablecoins that accelerate programmable settlement, and Merchant Acquirer Limited Purpose Bank (MALPB) charters that alter network access and participation. While stablecoins are driving significant transaction volume, incumbents like Visa and Mastercard are also adapting by integrating with digital asset rails. Georgia's approach suggests a modular future where different layers solve distinct problems, rather than a winner-take-all scenario.

Why it matters

Georgia's fintech ecosystem, centered in the 'Transaction Alley' region around Atlanta, processes around 70% of global transactions. The state's innovative approach to financial infrastructure, including tokenized deposits, stablecoins, and specialized banking charters, could shape the future of banking and payments not just in Georgia, but globally. This layered model allows for specialization and cooperation between incumbents and innovators, rather than outright disruption.

The details

Tokenized deposits preserve the credit engine of banking by moving a bank's balance sheet on-chain, enabling near-real-time reconciliation, settlement, and interbank transfers. Unlike stablecoins, tokenized deposits remain liabilities on a bank's balance sheet and support fractional reserve banking. Stablecoins, on the other hand, digitize money without creating credit, and are increasingly used for programmable settlement and global commerce. Georgia's unique Merchant Acquirer Limited Purpose Bank (MALPB) charter gives fintechs and non-bank processors direct access to payment networks, altering the traditional dynamics controlled by card networks and sponsor banks.

  • In January 2026, Checkout.com became the latest fintech to secure a Georgia MALPB charter.
  • In November, JPMorgan Chase rolled out its tokenized deposit coin, JPM Coin.
  • As of February 2026, global stablecoin supply has surpassed $300 billion in market capitalization.

The players

Checkout.com

A fintech company that secured a Georgia MALPB charter in January 2026.

JPMorgan Chase

A major financial institution that rolled out its tokenized deposit coin, JPM Coin, in November.

Tether (USDT)

One of the largest issuers of fiat-backed stablecoins.

USD Coin (USDC)

One of the largest issuers of fiat-backed stablecoins.

Credorax

An Israeli-based company that was the first to receive a Georgia MALPB charter in 2012.

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What they’re saying

“Small banks need to be in the stablecoin business, and to facilitate that, bank-fintech partnerships are essential.”

— Representative Mike Flood (CQ-Roll Call, Inc via Getty Images)

“And now some of their youngest customers are self-custodying assets.”

— Representative Mike Flood (Financial Technology Association)

What’s next

The future of Georgia's fintech ecosystem will likely involve continued collaboration between incumbents and innovators, as well as further regulatory experimentation with specialized banking charters like the MALPB.

The takeaway

Georgia's approach to fintech innovation, centered around a layered stack of tokenized deposits, stablecoins, and specialized banking charters, suggests a modular future for banking and payments where different technologies and business models can coexist and complement each other, rather than a winner-take-all scenario.