Tether, Kazakhstan Central Bank Explore Tenge Stablecoin, RWA Tokenization

Tether is jointly reviewing plans with Kazakhstan’s central bank to issue a stablecoin pegged to the tenge, or KZT, and to tokenize real-world assets.

Cointelegraph reported on Oct. 7 that Tether signed a memorandum of understanding with the National Bank of Kazakhstan and authorities in Alatau City on the initiative. The three parties plan to analyze stablecoin issuance models used in other countries and use that work to prepare a proposal for a pilot tenge-pegged stablecoin.

The asset-tokenization effort will be centered on Alatau. The three organizations plan to identify assets suitable for tokenization and build the framework needed for a pilot project. They are also reviewing whether to use Hadron, Tether’s asset-tokenization platform, in the process.

The partnership also includes training for specialized personnel. The parties plan to jointly run workshops and educational programs covering stablecoin issuance, reserve management and real-world asset tokenization.

Binur Zhalenov, deputy governor of the National Bank of Kazakhstan, said the bank will study international approaches to stablecoin issuance and asset tokenization, prioritizing financial stability, transaction transparency and investor protection.

The agreement aligns with Kazakhstan’s policy push to foster its digital-asset industry. In September, the government approved 65 initiatives across 10 areas, including asset tokenization, digital payments, international settlement and virtual-asset mining. The country’s strategic national reserve of virtual assets stands at $700 million, and 34 digital-asset projects have completed testing in the central bank’s regulatory sandbox.

Kazakhstan also has an established base for Bitcoin mining. Government data show the country ranked among the world’s top 10 Bitcoin-mining nations as of 2025. BitcoinTreasuries.net estimates the Kazakh government holds about 3,544 BTC.