Kazakhstan and Tether Explore Tenge Stablecoin and RWA Tokenization

Kazakhstan’s central bank is partnering with Tether to explore a stablecoin tied to the Kazakhstani tenge and the tokenization of real-world assets (RWAs), marking another step in the country’s push to develop blockchain-based financial infrastructure.

The National Bank of Kazakhstan (NBK), Tether and the Alatau City Authority signed a memorandum of understanding on Wednesday covering stablecoins, decentralized finance (DeFi) and asset tokenization.

A key part of the partnership is research into a potential tenge-pegged stablecoin. The parties will examine stablecoin models used in other markets, evaluate possible applications and develop a proposal for a pilot project. However, the agreement remains exploratory and does not mean Kazakhstan has committed to launching the token.

The initiative will also examine how real-world assets such as bonds and real estate could be represented on blockchain networks. Tokenization can make traditional assets easier to transfer, trade or use as collateral through digital financial platforms.

Kazakhstan and Tether plan to identify suitable asset classes before developing a tokenization pilot in Alatau. The city operates under a special legal framework intended partly to support financial technology innovation.

Tether’s Hadron platform, which provides infrastructure for issuing and managing tokenized assets, is among the technologies being considered.

Tether is best known for USDT, the world’s largest U.S. dollar-pegged stablecoin, with approximately $140 billion in circulation. The company also operates XAUT, a tokenized gold product valued at roughly $3.3 billion and backed by physical gold stored in Swiss vaults.

The crypto company has increasingly expanded beyond stablecoins into payments, energy, commodities and tokenization infrastructure.

NBK Deputy Governor Binur Zhalenov said Kazakhstan intends to study international best practices for both stablecoin issuance and real-world asset tokenization as part of the pilot initiative.

Tether and Kazakh authorities will also organize workshops for central bank employees and other government agencies, covering areas including stablecoin reserves, issuance frameworks and asset tokenization.