Tether Explores Stablecoin and Tokenized Asset Initiatives with Kazakhstan's National Bank and Alatau City Authority

Tether has entered into a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore the development of a stablecoin pegged to the Kazakhstani tenge and to investigate the tokenization of assets. The agreement, reported on Wednesday, outlines a collaborative effort to study existing stablecoin issuance models and develop concepts for a tenge-pegged stablecoin and a model for tokenizing priority asset categories.

The memorandum also includes plans for workshops for central bank staff on topics such as token issuance, reserve management, and asset tokenization. However, no specific timelines for these pilot initiatives have been established.

Kazakhstan is actively pursuing digital asset initiatives. The National Bank of Kazakhstan has earmarked up to $350 million for crypto-related investments from its nearly $70 billion in gold and foreign exchange reserves. Furthermore, the national crypto reserve has reached $700 million, with approximately $200 million invested to date, primarily through hedge funds.

Alatau, a planned smart city in the Almaty region, is being developed as a fintech hub for Central Asia. In a separate initiative, the National Bank plans to tokenize two Alatau properties, valued at up to $50 million and $10 million respectively, by the end of 2026 on the Kazakhstan Stock Exchange’s infrastructure.

Kazakhstan is already running a tenge stablecoin pilot called Evo, launched in September 2025 within the central bank’s regulatory sandbox. Evo was issued by the exchange Intebix and Eurasian Bank, with support from Solana and Mastercard. The National Bank oversees the rules for this test environment but does not issue the token.

While the memorandum of understanding signifies Kazakhstan’s exploration of digital currency and blockchain technology, key details remain uncertain. It is not yet clear who would be responsible for issuing any potential tenge-pegged stablecoin, and specific timelines for the proposed stablecoin and asset tokenization pilots have not been defined. The agreement is described as a preliminary step, a handshake rather than a binding contract, indicating a focus on exploration and concept development at this stage.

Why This Matters

The materials describe a narrow update: Tether, the National Bank of Kazakhstan, and the Alatau City Authority have entered into a memorandum of understanding to investigate the creation of a stablecoin pegged to the Kazakhstani tenge and to explore the tokenization of assets. Who would issue the tenge-pegged stablecoin.

Broader Context

Source materials place the factual news in this context: Tether launched the tokenization platform Hadron in November 2024.