Tether 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.
According to Tether, the agreement centers on studying a pilot for a stablecoin backed by the tenge and building a framework for tokenizing assets.
The parties will study issuance models and possible pilot use cases
Under the agreement, Tether, Kazakhstan’s central bank and the Alatau City Authority will examine international approaches to stablecoin issuance, identify potential use cases and develop a proposal for a pilot tied to the tenge.
The memorandum also covers the creation of an asset tokenization framework. That includes identifying assets that could be tokenized and launching a pilot project in Alatau that could use Tether’s Hadron platform.
The three parties also plan to hold workshops and training programs on stablecoin issuance, reserve management and the tokenization of real-world assets.
Kazakhstan central bank says financial stability will remain a priority
Binur Zhalenov, deputy governor of the National Bank of Kazakhstan, said the central bank intends to study international practices around stablecoin issuance and tokenization while prioritizing financial stability, transaction transparency and investor protection.
Kazakhstan is broadening its digital asset agenda
Kazakhstan has accelerated its digital asset push this year, with initiatives spanning stablecoins, tokenization, crypto payments and mining. The country is the world’s largest landlocked nation.
In September, the government approved a 65-measure plan across 10 areas aimed at developing the country’s digital asset industry. The plan includes steps to expand real-world asset tokenization, digital payments, international settlements and crypto mining.
The government also directed the Energy and Digital ministries to develop a mechanism for using gas- and coal-fired power generation to supply mining centers. According to the government, Kazakhstan ranked among the world’s top 10 countries for Bitcoin production in 2025.
The announcement said 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.
BitcoinTreasuries.net lists Kazakhstan seventh among governments in its database for Bitcoin holdings, with an estimated 3,544 BTC worth about $294 million.