Tether tapped by Kazakhstan’s central bank to explore stablecoin and tokenization

Kazakhstan's central bank has entered an exploratory memorandum of understanding with Tether and the Alatau City Authority to examine a range of digital asset initiatives, including a stablecoin tied to the Kazakhstani tenge and the tokenization of real-world assets. The NBK said the parties will study how comparable stablecoins operate internationally, assess potential use cases, and prepare a proposal for a pilot program; the agreement does not commit Kazakhstan to issuing a stablecoin or adopting any specific technology. The partnership also aims to develop a framework for tokenizing assets such as bonds or real estate so they can be transferred, traded, or used as collateral over blockchain networks. The participants will identify asset types suitable for tokenization and plan a pilot project to take place within Alatau City, which functions under a special legal regime intended to promote financial technology experimentation. Tether's Hadron platform, which supports issuance and management of tokenized assets, is among the technologies under consideration for the initiative. Tether is better known for its USDT dollar stablecoin—about $140 billion in circulation—and for XAUT, a tokenized gold product backed by physical bullion; the company has been broadening its activities into energy, payments, commodities, and tokenization infrastructure. As part of the collaboration, NBK and Tether will run workshops on stablecoin reserves, issuance, and tokenization for central bank staff and other government agencies. NBK Deputy Governor Binur Zhalenov said the bank intends to thoroughly study international best practices during the pilot phase. The move follows Kazakhstan's broader efforts to develop a regulated digital-asset framework while maintaining active central bank involvement.