Tether, Kazakhstan Study Tenge-Backed Stablecoin Pilot

Tether, the National Bank of Kazakhstan and the Alatau City authority have signed an agreement to study a stablecoin linked to Kazakhstan’s tenge. The parties will prepare a proposal for a possible pilot after completing the research.

The agreement does not name an issuer, blockchain, launch date or the assets that would support the token. It also does not identify specific users or applications.

The parties will review stablecoin models used in other countries, assess potential uses for a tenge-linked token and examine how its reserves could be held and managed. The proposed token would aim to maintain a value equal to the tenge while operating on blockchain infrastructure.

The agreement covers possible uses in digital payments and other financial services. Any pilot would depend on the research, a later proposal and Kazakhstan’s regulatory requirements.

The parties also plan to create a framework for tokenizing real-world assets, such as property and financial instruments. Tokenization involves representing an asset as a digital token on a blockchain. They will examine a possible pilot in Alatau City using Tether’s Hadron platform, which is designed to help organizations create and manage digital representations of assets.

Tether Chief Executive Paolo Ardoino said the company wanted to help build “efficient, transparent and sustainable digital finance infrastructure.” The agreement provides for workshops for central bank and government employees on stablecoins, reserve management and the use of traditional assets on blockchain networks.

Kazakhstan has previously tested a tenge-linked digital asset. In September 2025, crypto exchange Intebix, Solana, Mastercard and Eurasian Bank announced a pilot intended to connect crypto services with Kazakhstan’s conventional payment system.