Kazakhstan and Tether to study tenge stablecoin and tokenization

Kazakhstan’s National Bank oversees monetary policy and payment systems, according to Tether. On Oct. 7, the bank, Tether and Alatau City Authority signed an agreement to explore stablecoins, asset tokenization and decentralized finance, Tether’s announcement says.

The parties will study a stablecoin pegged to Kazakhstan’s national currency, the tenge, and prepare a concept and pilot proposal. CoinDesk reported that the agreement is exploratory and does not commit Kazakhstan to issuing a stablecoin.

What would the tenge stablecoin project involve?

The parties plan to review international models for issuing stablecoins and identify possible uses. They have not announced a token design, reserve arrangement or launch date.

The agreement also provides for workshops covering issuance and reserve management. Tether, the National Bank and the Alatau City Authority will train central bank specialists and relevant government agencies, the announcement says.

Where would tokenized assets be piloted?

The parties plan to develop an asset-tokenization framework and identify priority asset categories. They aim to design a conceptual model and launch a pilot within Alatau, a city with a special legal regime.

Tether’s Hadron platform is among the possible tools named in the agreement. The announcement does not specify which assets would be included or confirm that Hadron will be used.

What remains undecided?

The memorandum sets out areas for study and proposed pilots; it does not announce a live stablecoin or tokenized-asset product. The tenge peg is a proposal for a pilot, and the tokenization pilot is planned for Alatau.

Deputy Governor Binur Zhalenov said the National Bank would study international practices while prioritizing financial stability, transaction transparency and investor protection. The announcement does not provide a timetable for the studies or pilots.

Source material

• Tether’s announcement — tether.io
• reported — coindesk.com