The National Bank of Kazakhstan announced the launch of a pilot project to issue a stablecoin pegged to the tenge. The asset will be released within the framework of the state regulatory sandbox for digital assets.
The National Bank of Kazakhstan launched the first tenge-pegged stablecoin. The asset is issued by digital asset exchange Intebix, registered at the Astana International Financial Centre (AIFC), with support from the Solana blockchain, payment provider Mastercard, and Eurasian Bank.
The new asset will integrate innovative crypto technologies with Kazakhstan’s traditional financial system. Stablecoin users will be able to exchange cryptocurrency for the token and use it for trading operations, as well as for paying for goods and services via crypto cards.
According to Timur Suleimenov, Governor of the National Bank of Kazakhstan, the project is part of the strategy to develop the national digital asset ecosystem. Currently, eight pilot initiatives are being implemented across four areas in the regulatory sandbox, with the launch of the stablecoin being the first among them.
In June, Kazakhstan launched a crypto card project with instant conversion of cryptocurrency into tenge. Earlier, the National Bank of Kazakhstan also announced a set of legislative measures aimed at building a full-fledged digital asset ecosystem and strengthening control over cryptocurrency circulation in the country.
