Tether has announced a memorandum of understanding with the National Bank of Kazakhstan (NBK) and the Alatau City Authority (ACA) to explore the creation of a stablecoin pegged to the tenge, Kazakhstan's national currency.
Under the agreement, the three parties will study international models for stablecoin issuance and prepare a concept and pilot proposal for the token. They will also identify priority asset categories and launch a tokenization pilot within Alatau's jurisdiction, potentially using Hadron, Tether's tokenization platform. The parties plan to conduct workshops and training for NBK specialists on stablecoin issuance and reserve management.
"Kazakhstan is taking a deliberate, forward-looking approach by exploring asset tokenization and a strategic reserve framework," said Tether CEO Paolo Ardoino.
Broader Tokenization Strategy
The agreement comes as Kazakhstan expands its digital asset framework. President Kassym-Jomart Tokayev signed the constitutional law establishing Alatau's special legal regime on May 8, granting the city its own rules on digital assets, financial markets, and customs.
In September, Kazakhstan's government approved a 65-measure plan to expand the regulated digital asset market, which includes up to $60 million in tokenized Alatau projects by the end of 2026. That funding covers up to $50 million for the Iconic Tower and Birlik logistics center, both expected to be issued through the Kazakhstan Stock Exchange (KASE).
Existing Stablecoin Activity
A tenge-backed stablecoin, KZTE, already launched on the Solana network in 2025, issued by Intebix, a crypto exchange registered at the Astana International Financial Center, alongside Solana, Mastercard, and Eurasian Bank. In March, NBK Governor Timur Suleimenov indicated the central bank plans to allocate up to $350 million of its gold and foreign exchange reserves into crypto-related assets.
