Tether · Federal Reserve (FED) · Cointelegraph
Tether, Kazakhstan cenbank mull tenge stablecoin and asset tokenization
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The agreement will explore a tenge-backed stablecoin pilot and a framework for tokenizing real-world assets as Kazakhstan expands its digital asset industry.
Key facts
- BitcoinTreasuries.net ranks Kazakhstan seventh among governments in its database for Bitcoin holdings, with an estimated 3,544 BTC worth about $294 million
- Kazakhstan’s National Strategic Crypto Reserve, meanwhile, has reached $700 million, while 34 digital asset projects have completed testing in the central bank’s regulatory sandbox, according
- In September, the government approved a 65-measure plan across 10 areas aimed at developing the country’s digital asset industry
- Tether has signed an agreement with Kazakhstan’s central bank and the Alatau City Authority to explore a tenge-pegged stablecoin and the tokenization of real-world assets
Summary
Tether has signed an agreement with Kazakhstan’s central bank and the Alatau City Authority to explore a tenge-pegged stablecoin and the tokenization of real-world assets. Under the memorandum of understanding, the parties will study international stablecoin issuance models, identify potential use cases and develop a proposal for a tenge-backed stablecoin pilot, according to Tether. The agreement also calls for the development of an asset tokenization framework, including identifying assets for potential tokenization and launching a pilot project in Alatau that could use Tether’s Hadron platform. Tether, the National Bank of Kazakhstan and the Alatau City Authority will also hold workshops and training programs covering stablecoin issuance, reserve management and real-world asset tokenization.