Kazakhstan Central Bank Partners with Tether to Develop Tenge Stablecoin and Token Framework
The collaborative framework aims to initiate a pilot program for a stablecoin backed by the tenge and establish protocols for the tokenization of tangible assets while Kazakhstan continues building its digital asset sector.
A formal agreement has been signed between Tether and both the central banking authority of Kazakhstan and the Alatau City Authority to investigate the creation of a stablecoin pegged to the tenge along with frameworks for tokenizing physical assets.
According to Tether, the memorandum of understanding establishes that the collaborating entities will examine stablecoin issuance models utilized internationally, determine viable use cases, and formulate a proposal for initiating a pilot program featuring a tenge-backed stablecoin.
The collaborative framework additionally mandates the creation of protocols for asset tokenization, which encompasses the identification of suitable assets that could be tokenized and the initiation of a pilot program in Alatau that may utilize Tether's Hadron platform.
Educational workshops and training initiatives covering topics such as stablecoin creation, the management of reserves, and the tokenization of real-world assets will be conducted by Tether, the National Bank of Kazakhstan, and the Alatau City Authority.
Binur Zhalenov, who serves as Deputy Governor of the National Bank of Kazakhstan, indicated that the central banking institution intends to examine international methodologies related to stablecoin creation and tokenization, with emphasis placed on maintaining financial stability, ensuring transaction transparency, and safeguarding investor interests.
Kazakhstan expands digital asset push
As the planet's most expansive landlocked nation, Kazakhstan has intensified its advancement into the digital asset space throughout this year, implementing various initiatives that encompass stablecoins, tokenization protocols, cryptocurrency payment systems, and mining operations.
During September, the governmental administration gave approval to a comprehensive plan featuring 65 measures distributed across 10 distinct sectors designed to cultivate growth within the nation's digital asset industry. This strategic plan incorporates measures intended to broaden the tokenization of real-world assets, facilitate digital payment systems, enhance international settlement capabilities, and support cryptocurrency mining activities.
Additionally, the governmental administration directed the Energy and Digital ministries to create a system for utilizing power generation from gas-fired and coal-fired facilities to provide electricity to mining operations. Based on governmental reports, Kazakhstan achieved ranking among the globe's top 10 nations for Bitcoin production during 2025.
According to the announcement, the National Strategic Crypto Reserve of Kazakhstan has accumulated assets totaling $700 million, and 34 projects involving digital assets have successfully completed their testing phase within the regulatory sandbox operated by the central bank.
According to BitcoinTreasuries.net's database rankings, Kazakhstan holds the seventh position among governmental entities regarding Bitcoin holdings, with estimated reserves of 3,544 BTC valued at approximately $294 million.
