Tether · Tokenization · US Senate · Decrypt
Tether Signs Deal With Kazakhstan's Central Bank to Explore a Stablecoin and Tokenized Assets
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Tether, the company behind the world's largest stablecoin, signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority, the company announced Wednesday.
Key facts
- The National Bank has a separate plan to tokenize two Alatau properties, worth up to $50 million and $10 million, due by the end of 2026 on the Kazakhstan Stock Exchange's infrastructure
- In March, the central bank earmarked up to $350 million for crypto-related investments out of nearly $70 billion in gold and foreign exchange reserves, though the money may go into shares
- Officials said in September that the national crypto reserve has reached $700 million, with about $200 million invested so far, mostly through hedge funds, which are private pools that trade
- Kazakhstan already runs a tenge stablecoin pilot called Evo, launched in September 2025 inside the central bank's regulatory sandbox—a supervised testing ground for new financial products—and
Summary
Tether signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to prepare a pilot proposal for a tenge-pegged stablecoin and an asset tokenization framework. Kazakhstan's central bank earmarked up to $350 million for crypto-linked investments in March, and officials said in September that the national crypto reserve has reached $700 million. The deal lands days after a Senate subcommittee report on Iran-linked USDT use and a lawsuit over a $2.76 million Tether freeze. The memorandum’s first goal is a stablecoin pegged to the tenge, Kazakhstan's currency.