Tether and Kazakhstan Map Out Stablecoin and Asset Tokenization Pilots

Tether has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to examine a tenge-linked stablecoin and the tokenization of real-world assets. The agreement sets out research and pilot preparation rather than the launch of a new currency product.

The parties intend to assess international stablecoin issuance models and possible applications before preparing a concept and pilot proposal. A separate strand covers identifying assets for tokenization and designing a pilot in Alatau, potentially using Tether’s Hadron platform.

Paolo Ardoino, CEO of Tether, stated: “The use cases for digital assets are evolving into real-life applications and, ultimately, into sovereign-level financial infrastructure. Kazakhstan is taking a deliberate, forward-looking approach by exploring asset tokenization and a strategic reserve framework. We are proud to support this vision for financial innovation and technological advancement across Central Asia. Our goal is to build efficient, transparent, and sustainable digital finance infrastructure, while protecting data and privacy.”

Binur Zhalenov, the central bank’s deputy governor, added: “Collaboration with international technology leaders unlocks new opportunities for developing the digital infrastructure of Kazakhstan’s financial sector. As part of piloting tokenization projects, we intend to thoroughly study international best practices in stablecoin issuance and real-world asset tokenization. Concurrently, maintaining financial stability, transaction transparency, and robust investor protection remains the paramount priority for the National Bank.”

Kazakhstan already has experience testing a stablecoin tied to its currency. In a September 23, 2025, announcement, the National Bank reported the launch of a tenge-backed stablecoin pilot in its regulatory sandbox. Intebix, an exchange registered at the Astana International Financial Centre, launched that project with Solana, Mastercard and Eurasian Bank.

The bank described the earlier trial as a way to connect cryptocurrency activity with conventional financial infrastructure. Its stated applications included exchanging cryptocurrency for tenge stablecoins and conducting transactions using crypto cards.

At that time, Governor Timur Suleimenov said eight projects across four areas had been selected for the sandbox. The bank characterized the sandbox as a special regulatory setting for testing digital asset projects.

Asset tokenization was also on the central bank’s agenda before the latest MoU. An earlier update described preparations for trials involving real estate, precious metals and stablecoins backed by the national currency. Those initiatives were being developed within the bank’s sandbox.

The same meeting covered digital financial infrastructure more broadly, including interbank mobile payments, the Digital Tenge project and cross-border payments using central bank digital currencies.

These official notices place stablecoins and tokenized assets within a wider program of financial technology testing. They document several initiatives rather than a single product rollout.

The latest announcement follows a broader change in Kazakhstan’s digital asset rules. In an April 30, 2026, notice, the National Bank said a regulatory framework would take effect on May 1 under amendments to the country’s digital assets law. The framework recognizes both unbacked cryptoassets and digital financial assets.

The latter category includes money-backed stablecoins, tokenized real assets and digital versions of traditional financial instruments. The bank’s description also distinguishes between platforms that issue and record rights in digital financial assets, platforms that organize trading, and services that buy and sell unbacked cryptoassets.

Licensing and registration procedures form part of that framework. The central bank’s notice says providers must submit the relevant documentation, with requirements published on its website. It also describes wallet services and transactions as activities conducted within the regulated market.

Oversight is divided among authorities and jurisdictions. The National Bank supervises digital asset service providers outside the Astana International Financial Centre, while the financial market regulator oversees digital financial assets other than stablecoins. The AIFC retains its own regulatory regime. The general framework provides context for the proposed pilots without establishing their individual approval status.

Tether introduced Hadron in 2024 as a platform for creating and managing tokenized assets. Its launch announcement listed stocks, bonds, commodities, funds and loyalty points among the categories the technology was designed to support.

In practical terms, tokenization involves representing an asset digitally through tokens. Tether describes Hadron as providing tools for issuance and management throughout a token’s life cycle, including creating and removing tokens and producing blockchain reports.

Compliance functions listed by Tether include customer identification, transaction monitoring and risk management. The platform was also described as supporting multiple blockchains. These tools help administer and monitor digital assets but do not, by themselves, establish regulatory approval for a particular product.