Tether, Kazakhstan cenbank mull tenge stablecoin and asset tokenization
The agreement will explore a tenge-backed stablecoin pilot and a framework for tokenizing real-world assets as Kazakhstan expands its digital asset industry.
Kazakhstan's central bank and Tether have signed an agreement to explore the development of a tenge-backed stablecoin and the tokenization of real-world assets. The memorandum of understanding states that the parties will examine international stablecoin issuance models, identify potential use cases, and draft a proposal for a tenge-backed stablecoin pilot.
Additionally, an asset tokenization framework will be developed, including the selection of assets for tokenization and the launch of a pilot project in Alatau, potentially using Tether's Hadron platform. Workshops and training sessions on stablecoin issuance, reserve management, and real-world asset tokenization will be held by the National Bank of Kazakhstan, Tether, and the Alatau City Authority.
Deputy Governor Binur Zhalenov of the National Bank of Kazakhstan emphasized the central bank's focus on financial stability, transaction transparency, and investor protection while studying international approaches to stablecoin issuance and tokenization.
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