Tether and Kazakhstan Target Tenge Stablecoin Pilot Under New Agreement

Tether signed a memorandum with Kazakhstan‘s National Bank and Alatau City Authority on Oct. 7 to explore a tenge-backed stablecoin. The parties will study international issuance models, identify potential uses and prepare a concept for a possible pilot. No token has launched, and the agreement does not set an issuer, blockchain, reserve structure or launch date.

The deal also covers real-world asset tokenization in Alatau, a planned city positioned as a digital finance hub. The partners will identify suitable asset classes and could use Tether’s Hadron platform for a pilot. They will also conduct training on stablecoins, reserve management and distributed ledger technology.

Kazakhstan already tested a tenge-denominated stablecoin in its regulatory sandbox in 2025. That project involved Intebix, Solana, Mastercard and Eurasian Bank. The new Tether agreement therefore expands Kazakhstan’s broader push toward digital assets, stablecoins and tokenized assets rather than confirming a new coin.