Tether reached an agreement with the National Bank of Kazakhstan (NBK) and the Alatau City Authority (ACA) to explore stablecoin use cases and asset tokenization.
Tether, the issuer of USDT, the world’s largest stablecoin by market capitalization, announced that it signed a memorandum of understanding (MoU) with the National Bank of Kazakhstan and the Alatau City Authority. The agreement covers the joint development and issuance of a stablecoin backed by the Kazakhstani tenge, as well as the establishment of a regulatory and technological framework for real-world asset (RWA) tokenization.
A key focus of the partnership will be developing a concept for a stablecoin pegged to Kazakhstan’s national currency. The parties will examine international practices for stablecoin issuance and reserve management, identify potential use cases for the digital asset, and prepare a proposal for a pilot project. The memorandum doesn’t provide for the immediate issuance of the token. The initial phase will focus exclusively on researching technological and regulatory mechanisms.
Another area of cooperation will involve developing infrastructure for asset tokenization, potentially using the Hadron by Tether platform. The platform is designed to digitize rights to real-world assets using distributed ledger technology (DLT).
As part of this initiative, the parties plan to:
Identify priority asset categories for tokenization based on international experience.
Develop a conceptual tokenization model and the necessary regulatory mechanisms.
Prepare and launch a pilot project within Alatau City’s jurisdiction.
Alatau was selected as the location for the pilot project because of its special administrative status as a “city of accelerated development,” which it received in 2026. This status provides for separate regulations governing financial markets, digital assets, and investment activities. Kazakhstan plans to turn the city into a regional hub for digital innovation and financial technology.
A separate part of the agreement focuses on training specialists from the National Bank and relevant government agencies. Tether and its Kazakhstani partners will organize educational seminars, hands-on workshops, and professional development programs. Key topics will include the global stablecoin market, issuance and reserve-backing models, and the technological mechanisms behind RWA tokenization.
Tether CEO Paolo Ardoino noted that digital assets are gradually moving beyond individual applications toward integration into national financial infrastructure. He said Kazakhstan was systematically exploring asset tokenization and the development of strategic reserve mechanisms. Tether intends to support the creation of efficient and transparent digital infrastructure while meeting data protection and privacy requirements.
Binur Zhalenov, Deputy Chairman of the National Bank of Kazakhstan, emphasized that cooperation with international technology companies would help the country examine leading practices in stablecoin issuance and real-world asset tokenization. Financial stability, transaction transparency, and investor protection will remain the regulator’s priorities.
Previously, the National Bank of Kazakhstan launched a pilot project for a tenge-pegged stablecoin with the participation of Intebix, Solana, Mastercard, and Eurasian Bank. In September 2026, the NBK, Kazakhstan’s Ministry of Artificial Intelligence and Digital Development, and the Astana International Financial Centre (AIFC) also signed an agreement with Binance to develop digital financial infrastructure, including exploring the possibility of issuing a stablecoin.
