Tether said it has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore a tenge-pegged stablecoin and the tokenization of real-world assets. Under the agreement, the parties will study international stablecoin issuance models, identify potential use cases and develop a proposal for a tenge-backed stablecoin pilot, according to Tether.
Tether signs memorandum with Kazakhstan central bank on tenge stablecoin
Tether said it has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore a tenge-pegged stablecoin and the tokenization of real-world assets. Under the agreement, the parties will study international stablecoin issuance models, identify potential use cases and develop a proposal for a tenge-backed stablecoin pilot, according to Tether.
The agreement also calls for the development of an asset tokenization framework, including identifying assets for potential tokenization and launching a pilot project in Alatau that could use Tether's Hadron platform, according to Tether. Tether, the National Bank of Kazakhstan and the Alatau City Authority will also hold workshops and training programs covering stablecoin issuance, reserve management and real-world asset tokenization.
Kazakhstan has accelerated its push into digital assets this year, rolling out initiatives covering stablecoins, tokenization, crypto payments and mining. In September, the government approved a 65-measure plan across 10 areas aimed at developing the country's digital asset industry, including measures to expand real-world asset tokenization, digital payments, international settlements and crypto mining.
The government also instructed the Energy and Digital ministries to develop a mechanism for using gas- and coal-fired power generation to supply mining centers, and Kazakhstan ranked among the world's top 10 countries for Bitcoin production in 2025, according to the government.
Kazakhstan's National Strategic Crypto Reserve has reached $700 million, and 34 digital asset projects have completed testing in the central bank's regulatory sandbox, according to the announcement. BitcoinTreasuries.net ranks Kazakhstan seventh among governments in its database for Bitcoin holdings, with an estimated 3,544 BTC worth about $294 million.
- The source does not state the date on which the memorandum of understanding was signed.
- The source does not state which entity would issue the tenge-backed stablecoin, nor a timeline for the pilot proposal or the Alatau tokenization pilot.
- The source does not state any financial terms of the agreement.
- The source does not state whether the National Bank of Kazakhstan or the Alatau City Authority independently confirmed the agreement; the described terms are attributed to Tether and to the announcement.
- The source does not state the date or methodology behind the $700 million National Strategic Crypto Reserve figure, the 34 sandbox projects, or the BitcoinTreasuries.net estimate of 3,544 BTC.
Read the original at Cointelegraph