Tether, Kazakhstan central bank explore tenge stablecoin and asset tokenization

Tether has signed an agreement with Kazakhstan’s central bank and the Alatau City Authority to study a tenge-pegged stablecoin and a framework for tokenizing real-world assets. For high-risk PSPs, the practical signal is that Kazakhstan is pairing stablecoin issuance, reserve management and tokenization work with a central bank track, not just a private-sector pilot.

1. Tether, the National Bank of Kazakhstan and the Alatau City Authority signed a memorandum of understanding to explore a tenge-backed stablecoin pilot and the tokenization of real-world assets. The parties will study international stablecoin issuance models, identify possible use cases and develop a proposal for the pilot.
2. The agreement also calls for an asset tokenization framework, including identifying assets that could be tokenized and launching a pilot project in Alatau that could use Tether’s Hadron platform. That makes this more than a branding exercise: the scope includes both issuance and infrastructure.
3. The National Bank of Kazakhstan, Tether and the Alatau City Authority will hold workshops and training programs on stablecoin issuance, reserve management and real-world asset tokenization. Deputy Governor Binur Zhalenov said the central bank will study international approaches while prioritizing financial stability, transaction transparency and investor protection.
4. Kazakhstan has accelerated its digital asset push this year, rolling out initiatives covering stablecoins, tokenization, crypto payments and mining. In September, the government approved a 65-measure plan across 10 areas aimed at developing the country’s digital asset industry, including measures to expand real-world asset tokenization, digital payments, international settlements and crypto mining.
5. The same plan instructed the Energy and Digital ministries to develop a mechanism for using gas- and coal-fired power generation to supply mining centers. The government said Kazakhstan ranked among the world’s top 10 countries for Bitcoin production in 2025, while the National Strategic Crypto Reserve has reached $700 million and 34 digital asset projects have completed testing in the central bank’s regulatory sandbox. BitcoinTreasuries.net ranks Kazakhstan seventh among governments in its database for Bitcoin holdings, with an estimated 3,544 BTC worth about $294 million.