Tether discusses Tenge stablecoin plan with the central bank of Kazakhstan

Tether signed memorandums of understanding with the Central Bank of Kazakhstan and the Alatau City Government to explore Tenge stablecoins and tokenization of real assets

Tether has signed memorandums of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore stablecoins linked to Tenge and advance the broader process of tokenization of real world assets (RWA). The initiative was announced by Tether and was originally designed to examine how stablecoin issuance fits into Kazakhstan's financial stability priorities, while enhancing transparency and enhancing investor protection.

In addition to the stablecoin concept, according to the company's disclosure, the agreement also envisages the establishment of an asset tokenization framework and a pilot project in Alatau, which may utilize Tether's Hadron platform.

Core Points

• Tether is working with officials from the Central Bank of Kazakhstan and the city of Aratau to study a stablecoin pilot supported by Tenge and a tokenization plan for real-world assets.
• The memorandum focuses on reviewing international issuance models, reserve management concepts and potential use cases before proposing specific plans.
• The tokenization framework is part of the agreement and includes identifying asset classes suitable for potential tokenization.
• The broader promotion measures are consistent with Kazakhstan's recently released government action plan for digital assets covering tokenization, payments, settlement and mining.
• 哈萨克斯坦报告称其在监管沙盒方面取得进展，且战略加密储备持续增长，凸显了机构对加密相关倡议的持续参与。

备忘录具体内容解析

根据谅解备忘录，参与各方将审查“国际稳定币发行模式”，并致力于识别潜在用例。Tether在公告中表示，目标是制定一份坚戈挂钩稳定币试点提案，该提案将基于对发行结构及储备管理的评估。

协议还要求开发资产代币化框架。这包括确定可代币化的资产，并为阿拉套市的试点项目奠定基础。Tether指出，阿拉套试点可能使用其Hadron平台。

此外，备忘录还包括旨在针对稳定币发行、储备管理及现实世界资产代币化的研讨会和培训计划——重点在于操作性学习，而非仅限于概念性讨论。

央行优先事项：稳定性、透明度与投资者保护

哈萨克斯坦国家银行副行长Binur Zhalenov表示，央行有意研究国际稳定币发行及代币化方法，同时将金融稳定、交易透明度和投资者保护置于首位。这一表述意义重大，因为它将该努力定位为一种受控的探索——可能是为了为监管思考提供信息，而非在没有监督的情况下直接推出新代币。

For market participants, reserve management training and the inclusion of the tokenization framework indicate that the project is considered an institutional workflow. This may affect stakeholders 'views on the possibilities of future pilots: Investors and partners often want to have a clear understanding of reserve practices and governance structures before operating stablecoin issues.

Kazakhstan's broader digital asset promotion background

This memorandum is in line with Kazakhstan's accelerated digital asset broker strategy this year. Tether's agreement highlights stablecoins and asset tokenization, while Kazakhstan government-linked initiatives also extend to cryptocurrency payments and mining.

In September this year, the Kazakhstan government approved a joint action plan containing 65 measures covering 10 areas to develop the digital asset industry. The plan includes measures aimed at expanding real-world asset tokenization, digital payments, international settlement and cryptocurrency mining.

The government has also instructed relevant departments to develop a mechanism to use gas and coal-fired power generation to power mining centers. According to the government of Kazakhstan, the country's bitcoin production in 2025 ranks among the top ten in the world.

In addition, Kazakhstan reported that its national strategic crypto reserves have reached US$700 million. The announcement also pointed out that 34 digital asset projects have been tested in the National Bank's regulatory sandbox.

In terms of positions, data from BitcoinTreasuries.net shows that the Kazakhstan government ranks seventh in government bitcoin holdings, with an estimated 3,544 bitcoins worth approximately US$294 million.

为何坚戈挂钩方向具有重要意义

如果坚戈挂钩稳定币最终进入试点阶段，这将代表一种直接将稳定币设计与国家货币框架对齐的直接尝试。这一点之所以重要，原因有二：首先，它可能塑造当地支付和结算用例的处理方式；其次，它通常会引发关于储备资产、发行控制和赎回机制的具体监管问题。

在这份备忘录中，对研究国际发行模式和储备管理的强调表明，核心关切不仅仅是稳定币在技术上是否可行，而是其设计是否能够满足稳定性和保护目标。这也信号表明，代币化工作流不仅仅是一项理论练习：协议明确提到了确定可代币化资产并在阿拉套启动试点，Hadron作为可能的工具层。

尽管如此，备忘录并未提供任何实际发布的时间表细节。读者应密切关注国家银行或参与方后续披露的信息，涉及试点范围、储备要求、治理结构以及针对代币化的具体资产类别。

目前的关键启示是，随着Tether寻求具有本地相关性的稳定币和代币化路径，哈萨克斯坦的机构参与程度——体现在监管沙盒活动和战略储备中——似乎正在加深。下一个值得关注的信号是，这一探索阶段是否会产生明确的试点提案和监管指导，从而阐明坚戈挂钩稳定币在实际操作中的运作方式。