Tether, the issuer of USDT, the world’s largest stablecoin, has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore a stablecoin pegged to the tenge and the tokenization of real-world assets. The parties announced the agreement in an official Tether statement on October 7.
The deal is exploratory rather than a commitment to issue a digital currency. The three parties will study international models for stablecoin issuance, define possible use cases, and prepare a concept and pilot proposal for a token tied to the Kazakhstani tenge.
What the MoU Covers
The agreement spans three workstreams. First, the partners will develop the infrastructure needed to support digital finance in Kazakhstan, including a review of how stablecoins are issued in other jurisdictions. Second, they will design a framework for asset tokenization and identify which asset classes are suitable, with Tether’s Hadron platform named as a candidate technology.
Third, a pilot project is planned within Alatau City, a special economic zone that operates under a legal regime designed to encourage financial technology. Tether, the central bank, and the Alatau City Authority will also run workshops for central bank staff and government agencies on stablecoin reserves, issuance, and tokenization.
Why a Central Bank Is Turning to Tether
The move extends Kazakhstan’s effort to place digital-asset activity under central bank oversight. The country has previously signed similar memorandums with exchanges, including a stablecoin and digital-payments agreement with Binance , and has built a national cryptocurrency analytics center.
For Tether, the partnership deepens a strategy of expanding beyond its core USDT business into payments, energy, and tokenization infrastructure. Deputy Governor Binur Zhalenov said the central bank will “thoroughly study international best practices in stablecoin issuance and real-world asset tokenization” while keeping financial stability and investor protection as its priority.
What Happens Next
No tenge stablecoin will be issued unless the pilot succeeds and regulators approve it, and the agreement carries no binding commitment for Kazakhstan to adopt Tether’s technology. The parties said they will prepare a proposal for the pilot as the next step.
Tether’s Hadron platform, which provides infrastructure for issuing and managing tokenized assets, is being considered for the tokenization work. The company has pursued similar initiatives in other markets, including a self-custodial finance expansion across Africa and the Gulf .
.jpg)
