12 October 2026
Kazakhstan Collaborates with Tether to Investigate Tenge-Pegged Stablecoin Options
Kazakhstan is taking significant steps towards enhancing its financial ecosystem by partnering with Tether, the issuer of the USDT stablecoin. On October 7, 2026, a memorandum of understanding was signed between Tether, the National Bank of Kazakhstan (NBK), and the Alatau City Authority to explore the development of a tenge-pegged stablecoin.
This initiative aims to study international stablecoin models and prepare a pilot proposal, although no specific coin has been approved or launched yet. The collaboration seeks to identify potential use cases for a stablecoin linked to Kazakhstan's national currency, the tenge.
Interestingly, Kazakhstan already has a stablecoin pilot in place, known as KZTE, which operates within the NBK's regulatory sandbox. This new agreement with Tether does not introduce another stablecoin but rather positions Tether as a key player in Kazakhstan's exploration of blockchain technology and decentralized finance (DeFi).
The memorandum outlines plans for workshops focused on stablecoin issuance, reserve management, and the tokenization of real-world assets (RWAs). This exploratory phase will help Kazakhstan determine the infrastructure needed for a stablecoin and the potential categories of assets to be tokenized.
Tether's CEO, Paolo Ardoino, emphasized the broader implications of this project, suggesting that it could lead to the evolution of digital assets into sovereign-level financial infrastructure. However, NBK Deputy Governor Binur Zhalenov reiterated the importance of maintaining financial stability and investor protection throughout the process.
As Kazakhstan moves forward with its ambitious plans, it aims to tokenize up to $60 million worth of projects in Alatau City by the end of the year, further solidifying its position as a burgeoning fintech hub in Central Asia.
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