National Bank of Kazakhstan

Tether signed a Memorandum of Understanding with the National Bank of Kazakhstan and the Alatau City Authority to jointly develop stablecoin infrastructure and real-world asset tokenization frameworks. The partnership marks a central bank’s first formal exploration of tenge-pegged digital currency models and distributed ledger technology for sovereign-level finance.

• Parties will study international stablecoin issuance models and prepare pilot proposal for tenge-pegged stablecoin.
• Agreement covers asset tokenization framework using Tether’s Hadron platform, including pilot within Alatau jurisdiction.
• Joint educational workshops will cover stablecoin markets, reserve management, and real-world asset tokenization using DLT.

Tether signed the MoU on October 7 with Kazakhstan’s central bank and the Alatau City Authority, a specialized administrative body governing the city of Alatau under a special legal regime designed to attract fintech development. The agreement commits the three parties to develop digital finance infrastructure for Kazakhstan, with specific focus on a tenge-pegged stablecoin and frameworks for tokenizing real-world assets on blockchain networks.

Tenge Stablecoin and Hadron Tokenization Platform

The MoU requires the parties to jointly study international models for stablecoin issuance, define use cases, and prepare a concept and pilot proposal for a stablecoin pegged to Kazakhstan’s national currency, the tenge. This is the first formal commitment by Kazakhstan’s central bank to explore a digital currency backed by its own fiat unit, distinct from a CBDC.

Tokenization efforts will use Tether’s Hadron platform, a blockchain-based system for converting real-world assets into digital securities. The parties will identify priority asset categories, design a conceptual tokenization model, and launch a pilot project within Alatau’s jurisdiction. The agreement does not specify which asset classes will be prioritized or timeline for pilot launch.

Central Bank’s Financial Stability Priority

Binur Zhalenov, Deputy Governor of the National Bank of Kazakhstan, stated that the bank intends to “thoroughly study international best practices in stablecoin issuance and real-world asset tokenization” while maintaining “financial stability, transaction transparency, and robust investor protection.” The emphasis signals the central bank views this partnership as a research and pilot phase, not a commitment to adopt Tether’s USDT or issue a tenge stablecoin immediately.

Paolo Ardoino, CEO of Tether, framed the partnership as support for Kazakhstan’s evolution of digital assets “into sovereign-level financial infrastructure” and said Tether aims to “build efficient, transparent, and sustainable digital finance infrastructure, while protecting data and privacy.” Tether has pursued similar MOUs with central banks and city authorities across Africa, Southeast Asia, and Eastern Europe.

What the MoU Does Not Commit To

The document establishes a framework for joint study and pilot projects but does not bind the parties to adopt any specific stablecoin, tokenization standard, or deployment timeline. The MoU does not state whether the tenge stablecoin would be issued by the central bank, Tether, or a joint entity, nor does it specify regulatory oversight or capital reserve requirements.

Educational workshops are planned but no dates are set.

The CCS read. Kazakhstan’s central bank joining a formal partnership with a stablecoin issuer signals tacit acceptance of digital asset infrastructure as part of national financial modernization. A tenge stablecoin pilot could expand Tether’s geographic footprint and reduce dependence on the dollar in Central Asia. The MoU’s emphasis on “international best practices” and financial stability suggests the central bank is moving deliberately and will not rush deployment. Real-world asset tokenization in a city-level special regime lets Tether and Kazakhstan test frameworks in a contained jurisdiction before any national roll-out.

Watch for announcement of the joint educational workshops and their curriculum; the publication of the tenge stablecoin concept proposal; and the launch date and scope of the asset tokenization pilot project within Alatau, which would be the first concrete test of Hadron in a central bank partnership.