Tether has announced an agreement with the National Bank of Kazakhstan (NBK) to explore a stablecoin pegged to the tenge, the country’s national currency. The memorandum of understanding also includes the Alatau City Authority (ACA), which oversees regulation in the city of Alatau under its special legal regime.
Tether, the NBK and the ACA will study international models for stablecoin issuance. They will then prepare a concept and a pilot proposal for the token. Tether’s release names no issuer, blockchain, or launch date for the proposed token.
The parties will also pick priority asset categories and launch a tokenization pilot within Alatau’s jurisdiction. That pilot could run on Hadron, Tether’s tokenization platform. Likewise, the three parties will hold workshops and training for NBK specialists on issuance and reserve management.
“Kazakhstan is taking a deliberate, forward-looking approach by exploring asset tokenization and a strategic reserve framework,” said Tether CEO Paolo Ardoino.
Kazakhstan Plans $60 Million Alatau Tokenization
President Kassym-Jomart Tokayev signed the constitutional law on Alatau’s special legal regime on May 8. That law sets Alatau’s own rules on digital assets, the financial market and customs, among other areas.
On September 15, the government approved a 65-measure plan to expand the regulated digital asset market. That plan includes up to $60 million in tokenized Alatau projects by the end of 2026, The Astana Times reported.
That sum covers up to $50 million for the Iconic Tower co Birlik logistics center, the paper reported. Both issuances are expected to run through the digital infrastructure of the Kazakhstan Stock Exchange (KASE).
A Tenge Stablecoin
The first tenge-backed stablecoin launched in the NBK’s rr 23, 2025. Intebix, a crypto exchange registered at the Astana International Financial Center (AIFC), issued that stablecoin with partners Solana, Mastercard and Eurasian Bank.
That token is KZTE, which runs on the Solana network. Tether’s Wednesday release does not mention KZTE. In March, NBK Governor Timur Suleimenov said the central bank plans to put up to $350 million of its gold and foreign exchange reserves into crypto-related assets.
Kazakhstan’s digital asset law then took effect on May 1. It classifies money-backed stablecoins and tokenized real assets as digital financial assets. The NBK regulates those stablecoins itself, while a separate financial market agency supervises the other assets in that class.
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