Kazakhstan and Tether Collaborate to Explore Tenge Stablecoin
- On October 7, Tether signed a memorandum with Kazakhstan’s National Bank and Alatau City Authority to study a tenge-pegged stablecoin and tokenized assets.
- Kazakhstan already operates KZTE, a stablecoin pegged to the tenge, within the central bank’s sandbox environment.
- Alatau City aims to tokenize up to $60 million in projects by the end of 2026, including $50 million for the Iconic Tower complex.
- The agreement is exploratory, focusing on studying international stablecoin models and developing a framework for asset tokenization.
Tether’s involvement marks a significant step in Kazakhstan’s digital finance initiatives, as it collaborates with local authorities to explore blockchain-based financial solutions without launching a new coin immediately.
Kazakhstan continues its digital finance journey with existing projects like KZTE while planning substantial asset tokenization efforts in Alatau City, supported by one of the largest stablecoin issuers globally. (Source)
