Tether has entered into a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to examine the development of a stablecoin pegged to the Kazakhstani tenge. In addition, the agreement will see the parties collaborate on exploring the tokenization of real-world assets.
Stablecoin pilot and asset tokenization framework
According to Tether, the collaboration involves studying international stablecoin models, identifying viable local use cases, and preparing a proposal for a tenge-backed stablecoin pilot. The agreement outlines the formation of a comprehensive framework for asset tokenization, which includes selecting suitable real-world assets for initial trials and deploying a pilot project in Alatau using Tether’s Hadron platform.
The Hadron platform is Tether’s solution for issuing and managing tokenized real-world assets, aiming to bridge traditional finance and blockchain technology. This platform facilitates seamless integration of asset-backed tokens into digital ecosystems.
Mini dictionary: Tether Hadron platform, a blockchain-based platform that supports tokenization of traditional financial assets, enabling their representation and transfer as digital tokens.
The pilot in Alatau may serve as a testbed for rolling out broader asset tokenization across Kazakhstan, with targeted training and workshops to educate stakeholders on reserve management, stablecoin issuance, and digital asset frameworks.
Regulatory and development plans
Deputy Governor of the National Bank of Kazakhstan, Binur Zhalenov, stated that the central bank intends to review global stablecoin and tokenization practices. He emphasized that Kazakhstan’s priority would remain on financial stability, transparency in transactions, and investor protection.
Binur Zhalenov, Deputy Governor of the National Bank of Kazakhstan, highlighted the priority on financial stability, transaction transparency, and investor protection as the country investigates stablecoin issuance and asset tokenization opportunities.
Kazakhstan, the largest landlocked country in the world, has accelerated its digital asset initiatives in 2024. The government approved a plan with 65 different measures in September across ten sectors, aiming to boost its digital asset industry. These measures involve expanding real-world asset tokenization, improving digital payments infrastructure, enhancing international settlements, and supporting crypto mining activities.
To facilitate the growth of the mining sector, the Ministry of Energy and the Ministry of Digital Development were tasked with formulating mechanisms enabling mining centers to use gas- and coal-fired power generation.
Kazakhstan’s position in crypto and digital assets
Kazakhstan has emerged as a prominent player in digital asset innovation. The National Strategic Crypto Reserve has reportedly reached $700 million. The central bank’s regulatory sandbox has played a crucial role, with 34 digital projects successfully completing testing phases. This regulatory environment has positioned Kazakhstan as an attractive region for blockchain development and crypto operations.
| Metric | Value |
|---|---|
| National Strategic Crypto Reserve | $700 million |
| Digital asset projects tested | 34 |
| Estimated national BTC holdings | 3,544 BTC ($294 million) |
| Global BTC holdings rank | 7th |
Kazakhstan ranked among the world’s top 10 countries for Bitcoin production in 2025, reflecting its significance in the global mining landscape. According to BitcoinTreasuries.net, the government holds approximately 3,544 BTC, with a value around $294 million, placing it seventh globally among national Bitcoin reserves.
Tether, Kazakhstan’s central bank, and the Alatau City Authority plan to jointly develop programs and workshops focused on practical aspects of stablecoin issuance and tokenizing traditional assets in the local context.
