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FollowingTether signed a memorandum of understanding with the Central Bank of Kazakhstan to explore Tenge stablecoin
Tether announced an agreement with the National Bank of Kazakhstan (NBK) to jointly explore a stablecoin linked to Tenge, the country's legal tender. The memorandum of understanding also involves the City Authority of Aratau (ACA), which is responsible for overseeing matters related to the city of Aratau under its special legal system.
Tether, NBK and ACA will study an internationally stable stablecoin issuance model, and then prepare a conceptual plan and pilot proposal for the token. However, the press release issued by Tether did not mention the issuer of the proposed token, the blockchain platform or the specific release date.
The parties will also determine preferred asset classes and launch a tokenization pilot project within the jurisdiction of Alatau. The pilot project may run on Tether's tokenization platform Hadron. In addition, the three parties will hold seminars and training courses on issuance and reserve management for NBK professionals.
Paolo Ardoino, CEO of Tether, said: "Kazakhstan is taking a thoughtful and forward-looking approach to exploring asset tokenization and strategic reserve frameworks."
Kazakhstan plans to invest US$60 million in the tokenization of Aratau
Kazakhstan President Kassem-Romart Tokayev signed the constitutional law on the special legal system of Aratau on May 8. The law establishes independent rules for Alatau covering areas such as digital assets, financial markets and customs.
According to Asta The Times reported that on September 15, the government approved a plan containing 65 measures to expand the regulated digital asset market. The plan includes completing the tokenization of up to US$60 million for the Alatau project by the end of 2026.
reported that up to US$50 million of the funds will be used for the launch of Iconic Tower and Birlik Logistics Center. Both offerings are expected to be conducted through the digital infrastructure of the Kazakhstan Stock Exchange (KASE).
Development status of Tenge stablecoins
The first stablecoin backed by Tenge will be launched on NBK on February 23, 2025. Intebix, a cryptocurrency exchange registered at Asta Na International Financial Center (AIFC), joined forces with Solana, MasterCard and Eurasian Banking partners to issue the stablecoin.
The token is called KZTE and runs on the Solana network. Tether made no mention of KZTE in a press release issued Wednesday. In March this year, NBK President Timur Suleimenov said that the central bank plans to invest up to US$350 million of its gold and foreign exchange reserves in cryptocurrency-related assets.
Kazakhstan's Digital Assets Law officially came into effect on May 1. The law classifies currency-backed stablecoins and tokenized physical assets as digital financial assets. NBK directly supervises such stablecoins, while another independent financial market institution supervises other assets under the class.
