Kazakhstan’s stablecoin exploration with Tether remains a study, not a launch

Kazakhstan’s stablecoin exploration with Tether centers on a possible token pegged to the Kazakhstani tenge, not an approved launch. On October 7, 2026, the National Bank of Kazakhstan, Tether and Alatau City Authority signed an agreement to study digital money and tokenized assets.

Key takeaways

• The tenge-token proposal remains exploratory.
• Alatau is the planned location for tokenization pilots.
• The partnership includes training for public-sector staff.

According to CoinDesk, the memorandum of understanding covers stablecoins, asset tokenization and decentralized finance. The parties will examine international models, identify potential uses and prepare pilot proposals.

Kazakhstan’s stablecoin exploration brings Tether into central-bank research

The agreement commits the National Bank of Kazakhstan, Tether and Alatau City Authority to research and pilot preparation. Its scope includes infrastructure for digital finance alongside potential stablecoin applications.

Kazakhstan already has rules for these products. According to Crypto.news, a framework that took effect on May 1, 2026 grants recognition to stablecoins backed by money, tokenized real-world assets, and digital representations of conventional financial instruments. Requirements cover infrastructure, capital, risk management, compliance and anti-money-laundering controls.

A potential tenge stablecoin, not an issuance decision

The proposed tenge-pegged stablecoin remains a study project: the agreement does not authorize issuance. The parties plan to examine how comparable tokens operate elsewhere, identify uses in Kazakhstan and develop a concept and pilot proposal.

Kazakhstan’s stablecoin exploration also predates this agreement. Per Crypto.news, in September 2025 the central bank rolled out, via its regulatory sandbox, its initial pilot of a stablecoin pegged to the tenge, with Intebix issuing the token alongside Solana, Mastercard and Eurasian Bank. Referred to as Evo, or KZTE, the token runs on the Solana network and aims to bridge digital assets with established financial infrastructure, covering both crypto-fiat conversions and crypto-card payments.

Alatau tokenization pilots will consider Hadron

Tokenization pilots are planned for Alatau, which operates under a special legal regime designed partly to encourage financial technology. The partners will identify suitable asset categories and develop a model for issuing them digitally.

Through tokenization, assets gain blockchain-based representations that could allow bonds or real estate to be moved, exchanged or pledged as collateral via digital networks. Tether’s Hadron platform, which supports tokenized-asset issuance and management, is among the technologies under consideration.

Tether issues USDT, with about $140 billion in circulation, and XAUT, a roughly $3.3 billion tokenized-gold product backed by physical bullion in Swiss vaults. Its broader investments span energy, payments, commodities and tokenization infrastructure.

International practices and staff training are part of the agreement

The partnership includes workshops for central-bank staff and government agencies on stablecoin reserves, issuance and tokenization. Crypto.news reports that training will also cover reserve management, distributed ledger technology and real-world asset tokenization models.

NBK Deputy Governor Binur Zhalenov emphasized the research agenda: “As part of piloting tokenization projects, we intend to thoroughly study international best practices in stablecoin issuance and real-world asset tokenization.”

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.