Tether has signed a memorandum of understanding with the National Bank of Kazakhstan and authorities in the city of Alatau to explore the potential issuance of a stablecoin backed by Kazakhstan's Tenge, expanding its involvement in digital-asset infrastructure in the country.
The agreement will focus on studying international models for issuing a Tenge-backed stablecoin, while the parties work on an initial concept and potential pilot project. The initiative could provide a framework for testing how a local-currency stablecoin could operate within Kazakhstan's digital-asset ecosystem.
The cooperation also extends beyond stablecoins. The parties plan to examine tokenization projects in Alatau with a potential value of up to $60 million, indicating that the initiative is being considered as part of a broader effort around blockchain-based financial infrastructure.
For Tether, the proposed project would expand its stablecoin strategy beyond its existing dollar-focused products into a local-currency structure. For Kazakhstan, the initiative could provide an opportunity to assess stablecoin issuance and tokenization models within a framework involving the country's central bank.
The immediate focus is on feasibility, structure and a pilot rather than a confirmed commercial launch. The market will therefore be watching the development of the proposed Tenge-backed stablecoin, the outcome of the initial design work and whether the planned tokenization projects advance toward implementation.
