Tether, Kazakhstan Central Bank, and Alatau City Authority Explore Tenge Stablecoin and Asset Tokenization
Tether has signed a memorandum of understanding with Kazakhstan’s National Bank and Alatau City Authority to develop a tenge-backed stablecoin pilot and an asset tokenization framework. The collaboration aims to study global stablecoin issuance models, identify use cases, and offer workshops on reserve management and real-world asset tokenization to ensure transaction transparency and investor protection.
Collaboration Agreement on Digital Assets
Tether has signed a memorandum of understanding with Kazakhstan’s National Bank and the Alatau City Authority to jointly explore the issuance of a stablecoin pegged to the Kazakhstani tenge and develop a model for real-world asset tokenization. The agreement mandates studying international stablecoin issuance approaches, identifying potential use cases, and preparing a proposal for a pilot project.
The agreement also involves establishing an asset tokenization framework, including selecting assets eligible for tokenization and launching a pilot using Tether’s Hadron platform.
Additionally, the parties agreed to hold workshops and training programs focusing on stablecoin issuance, reserve management, and real-world asset tokenization. National Bank of Kazakhstan Deputy Governor Binur Zhalenov emphasized that financial stability, transaction transparency, and investor protection are key priorities when reviewing international practices.
Kazakhstan’s Digital Asset Development Strategy
As the world’s largest landlocked country, Kazakhstan is actively advancing its digital asset sector. In 2023, the government introduced a comprehensive set of initiatives including stablecoins, asset tokenization, crypto payments, and mining.
In September, Kazakhstan approved a 65-point plan across ten areas aiming to accelerate the country's digital economy development. The plan covers expansion of real-world asset tokenization, enhancement of digital payments, international settlements, and support for crypto mining.
Interagency efforts include creating mechanisms to use gas- and coal-powered electricity generation to supply mining centers. The government projects Kazakhstan will rank among the top ten countries in bitcoin production by 2025.
Kazakhstan’s National Strategic Crypto Reserve has reached $700 million, while 34 digital asset projects have completed testing in the central bank’s regulatory sandbox. BitcoinTreasuries.net ranks Kazakhstan seventh among governments for bitcoin holdings, estimating 3,544 BTC worth approximately $294 million.
Why it matters
The collaboration between Tether and Kazakhstan’s authorities highlights the country’s growing commitment to integrating digital currencies and tokenization into its economy. A tenge-backed stablecoin pilot and an asset tokenization framework have the potential to enhance financial transaction transparency, attract investments, and advance Kazakhstan’s digital infrastructure. These initiatives align with the government’s strategic plans to develop digital assets and strengthen Kazakhstan’s role in the global crypto ecosystem.
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