Key facts
- Tether signed an MOU with the National Bank of Kazakhstan and Alatau City Authority.
- The agreement aims to explore a tenge-backed stablecoin pilot.
- It also seeks to develop a framework for tokenizing real-world assets.
- Kazakhstan has accelerated its digital asset initiatives this year.
- Kazakhstan ranked among the top 10 countries for Bitcoin production in 2025.
- Kazakhstan's National Strategic Crypto Reserve has reached $700 million.
Tether has entered into a memorandum of understanding with Kazakhstan's central bank and the Alatau City Authority to explore the creation of a tenge-backed stablecoin and a framework for tokenizing real-world assets. This collaboration is part of Kazakhstan's broader strategy to develop its digital asset industry.
Under the agreement, the parties will investigate international models for stablecoin issuance, identify potential use cases, and develop a proposal for a pilot project involving a stablecoin pegged to the Kazakhstani tenge. Additionally, the initiative will focus on establishing an asset tokenization framework, which includes identifying suitable assets and launching a pilot project in Alatau, potentially utilizing Tether's Hadron platform.
Workshops and training programs covering stablecoin issuance, reserve management, and real-world asset tokenization will also be conducted. Binur Zhalenov, Deputy Governor of the National Bank of Kazakhstan, stated that the central bank intends to examine global approaches to stablecoin issuance and tokenization, with a strong emphasis on maintaining financial stability, ensuring transaction transparency, and protecting investors.
Kazakhstan has been actively pursuing digital asset initiatives throughout the year, including stablecoins, tokenization, crypto payments, and mining. In September, the government approved a comprehensive 65-measure plan aimed at fostering the growth of its digital asset sector, encompassing areas such as real-world asset tokenization, digital payments, international settlements, and crypto mining. The government has also directed relevant ministries to devise a strategy for powering crypto mining centers with energy from gas- and coal-fired plants. The country is projected to be among the top 10 Bitcoin-producing nations in 2025. Furthermore, Kazakhstan's National Strategic Crypto Reserve has reportedly reached $700 million, and 34 digital asset projects have successfully completed testing within the central bank's regulatory sandbox.