Tether is working with Kazakhstan’s central bank and the Alatau City Authority on a possible stablecoin linked to the Kazakh tenge, as the country expands its digital-asset infrastructure.
The parties signed a memorandum of understanding to examine international approaches to stablecoin issuance, assess possible applications and prepare a proposal for a pilot project. The agreement does not announce a launched token; it sets out a framework for studying how a tenge-backed stablecoin could work.
The memorandum also covers the creation of a framework for tokenizing real-world assets. Tokenization refers to representing ownership or claims connected to assets digitally on a blockchain. The partners will consider which assets could be suitable and plan to test a project in Alatau, potentially using Tether’s Hadron platform. According to Cointelegraph, the arrangement also includes joint workshops and training.
What the agreement covers
Tether, the National Bank of Kazakhstan and the Alatau City Authority are expected to study stablecoin issuance models used internationally, possible use cases and the design of a tenge-backed pilot. They will also examine reserve management, an important issue for stablecoins because the value of a fiat-backed token is intended to track the currency supporting it.
National Bank Deputy Governor Binur Zhalenov said the central bank would review international practices for stablecoins and asset tokenization. He identified financial stability, transaction transparency and investor protection as priorities for that work.
The asset-tokenization initiative would involve selecting potential assets, developing the supporting framework and testing the concept in Alatau. The agreement therefore combines research, regulatory planning and a possible technology pilot rather than confirming that either a stablecoin or tokenized-asset market is already operating.
Kazakhstan’s wider digital-asset programme
The initiative forms part of Kazakhstan’s broader effort to develop digital assets. In September, the government approved a 65-measure plan spanning 10 areas, with measures involving real-world asset tokenization, digital payments, international settlements and cryptocurrency mining.
The government also directed its Energy and Digital ministries to create a mechanism allowing gas- and coal-fired power generation to supply mining centres. Kazakhstan said it ranked among the world’s 10 largest Bitcoin-producing countries in 2025.
The country’s National Strategic Crypto Reserve has reached $700 million, while 34 digital-asset projects have completed testing in the central bank’s regulatory sandbox, according to the announcement. BitcoinTreasuries.net ranks Kazakhstan seventh among governments in its database for Bitcoin holdings, estimating that it holds 3,544 BTC worth about $294 million.
Current market picture
Moneyiar market data at 09:14 on Oct. 8, 2026, showed Ethereum at $2563.4443163578, down 1.74% over 24 hours and 4.66% over seven days. Tether USDt was priced at $0.9992250017 at 09:13, down 0.05% in 24 hours and 0.02% over seven days.
The same Moneyiar data showed STABLE at $0.0261432848, down 6.23% in 24 hours and 6.52% over seven days. Plasma was $0.0872872028 at 09:13, down 0.34% over 24 hours and 10.53% over seven days.
