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FollowingTether signed a memorandum of cooperation with Kazakhstan's Central Bank and Alatau City Government to explore local currency stablecoins and asset tokenization
On Wednesday, Tether, the world's largest stablecoin issuer, announced that it has signed a memorandum of cooperation with the National Bank of Kazakhstan and Alatau City Authority. The primary goal of the agreement is to launch a stablecoin pegged to Kazakhstan's tenge. The three parties will study the experience of other countries in issuing such currencies and formulate conceptual plans and pilot plans based on this, although the issuer of the tokens is not clearly specified in the announcement.
Focus on asset tokenization pilots
In the field of asset tokenization-that is, the ownership of physical assets such as real estate or bonds is recorded as digital tokens on the blockchain-all parties will select priority asset categories, design models, and launch pilot projects in the city of Alatau. The project may rely on the Hadron platform, a tokenization platform launched by Tether in November 2024. However, the memorandum did not set a specific pilot timetable.
It should be pointed out that the memorandum is only an intended statement of the direction of future cooperation between the two parties, similar to a "handshake" rather than a legally binding contract. In addition, the agreement also includes training courses for central bank staff, covering technical aspects such as token issuance, reserve management and asset tokenization.
Alatau: Central Asia Financial Technology Hub
Alatau is a planned smart city in Almaty Prefecture. It was built from scratch, has an independent legal system, and is positioned as the financial technology center in Central Asia. The $7.2 billion project aims to increase the population from the current 52,000 to 2 million. Kazakhstan President Kasem Jomart Tokayev hopes that local residents can use cryptocurrency to pay for goods and services.
Policy Support and Reserve Trends
In March this year, Kazakhstan's central bank announced that it would allocate up to US$350 million from its nearly US$70 billion in gold and foreign exchange reserves for crypto-related investments. However, more of this money may flow to cryptocurrency-related company stocks and index funds, rather than directly purchasing crypto assets.
Officials said in September that the country's crypto reserves had reached US$700 million, of which about US$200 million had been put into the market, mainly operated through hedge funds. Hedge funds trade on behalf of large investors and are a private investment pool.
Existing stablecoin pilots and follow-up plans
Kazakhstan is currently running a Tenge stablecoin pilot project called Evo. The project was launched in September 2025 within the central bank's regulatory sandbox (i.e., a supervised testing environment for new financial products) and was jointly issued by Intebix Exchange and Eurasian Bank, with support from Solana and Mastercard. In this pilot, the central bank is responsible for formulating test rules, but does not directly issue tokens.
At the same time, the National Bank of Kazakhstan has another plan to use the infrastructure of the Kazakhstan Stock Exchange to tokenize two Alatao properties with a total value of US$50 million and US$10 million respectively before the end of 2026.
