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FollowingTether signed a memorandum of understanding with the National Bank of Kazakhstan and Alatau City Authority to explore Tenge stablecoins and tokenization of real assets
As the issuer of the world's largest stablecoin USDT, Tether has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority. The two sides aim to explore projects for stablecoins linked to Tenge and tokenization of real-world assets. The three parties announced the agreement through an official statement on October 7.
The transaction is exploratory and not a commitment to issue digital currency. The three parties will study the model of international stablecoin issuance, define potential application scenarios, and prepare a conceptual plan and pilot proposal for a token linked to Kazakhstan's Tenge.
Coverage of the memorandum of understanding
The agreement involves three main areas of work:
- Infrastructure development: The partners will develop the infrastructure needed to support digital finance in Kazakhstan, including reviewing the issuance models of stablecoins in other jurisdictions.
- Asset tokenization framework: Design a framework for asset tokenization and determine asset classes suitable for tokenization. Among them, Tether's Hadron platform is listed as one of the candidate technologies.
- Pilot project: A pilot project is planned to be launched in Alatau City. The city is a special economic zone with a legal framework designed to encourage the development of fintech. In addition, Tether, the Central Bank and the Aratau Municipal Authority will hold seminars for central bank staff and government agencies on stablecoin reserves, issuance and tokenization.
Why the central bank chose to cooperate with Tether
This move extends Kazakhstan's efforts to include digital asset activities in central bank supervision. Previously, the country has signed similar memorandums of understanding with other exchanges, including stablecoins and digital payments agreements with Binance, and established a national cryptocurrency analysis center.
For Tether, this cooperation deepens its strategy of expanding beyond its core USDT business into payments, energy and tokenized infrastructure. Deputy Governor Binur Zhalenov said the central bank will "thoroughly study international best practices for stablecoin issuance and tokenization of real-world assets," while prioritizing financial stability and investor protection.
Subsequent developments
Tenge stablecoins will not be issued unless the pilot is successful and approved by regulators; nor will the agreement constitute a binding commitment for Kazakhstan to adopt Tether technology. All parties stated that the next step will be to prepare proposals for pilot projects.
Tether's Hadron platform, which provides the infrastructure for issuing and managing tokenized assets, is being considered for tokenization efforts. The company has also promoted similar initiatives in other markets, including expanding self-managed financial services in Africa and the Gulf region.
