Tether has signed a memorandum of understanding with Kazakhstan's National Bank and the Alatau City Authority to explore a tenge-pegged stablecoin, asset tokenization and decentralized finance. The deal does not launch a new token — it commits the parties to study models and prepare a pilot proposal.
Tether and Kazakhstan to study a tenge stablecoin
Tether signed the memorandum of understanding on Oct. 7 with the National Bank of Kazakhstan and the Alatau City Authority. Under the agreement, the parties will examine stablecoin issuance models used in other markets and prepare a concept and pilot proposal for a stablecoin pegged to the tenge.
The MoU does not confirm a launch, however. No issuance date, blockchain, reserve structure or commercial issuer has been announced for the proposed token.
Kazakhstan already regulates stablecoins and tokenized assets
Kazakhstan's National Bank introduced digital asset rules on May 1, 2026, recognizing money-backed stablecoins, tokenized real assets and digital versions of traditional financial instruments. As a result, the new Tether proposal enters a market where stablecoins are already being tested.
The central bank's regulatory sandbox already ran a tenge-denominated stablecoin pilot in September 2025, issued by Intebix alongside Solana, Mastercard and Eurasian Bank. That token, known as Evo or KZTE, is not addressed by the new Tether agreement.
Hadron could power a tokenization pilot in Alatau
The agreement states the parties may use Hadron, Tether's tokenization platform, for the project, though no launch date or asset class has been selected for a pilot within Alatau City's jurisdiction. Tether has used Hadron before: in August it partnered with First Data and BKN301 on institutional real estate tokenization in Saudi Arabia, and in July it signed a separate study agreement with the Nairobi Securities Exchange.
Alatau gained its special status this year, after constitutional changes effective July 1 created a framework for accelerated-development cities, with Alatau becoming the first area to use the model.
Officials frame the deal as exploratory
National Bank Deputy Governor Binur Zhalenov said the regulator intends to study international stablecoin and tokenization practices while keeping "financial stability, transaction transparency, and robust investor protection" as priorities. Tether CEO Paolo Ardoino said Kazakhstan was exploring tokenization and a strategic reserve framework as digital assets move toward sovereign-level financial infrastructure.
Sources: crypto.news, Crypto Briefing
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