Tether signs deal with Kazakhstan’s central bank to explore a Tenge stablecoin, even though one already exists on Solana

Tether has signed an agreement with Kazakhstan’s central bank to explore a Tenge stablecoin, even though a tenge-backed token already runs on Solana. The memorandum, also signed with the Alatau City Authority, covers a possible tokenization pilot in the special-regime city, though no issuer, blockchain or launch date has been named.

Tether CEO Paolo Ardoino said Kazakhstan is approaching digital assets with a long-term strategy.

“Kazakhstan is taking a deliberate, forward-looking approach by exploring asset tokenization and a strategic reserve framework,” — Paolo Ardoino, CEO, Tether.

The parties will also conduct workshops and training sessions for NBK specialists, with a focus on stablecoin issuance and reserve management.

Alatau targets $60 million in tokenized projects

The proposed Tenge stablecoin initiative comes as Kazakhstan develops a dedicated framework for digital assets and tokenized financial products.

President Kassym-Jomart Tokayev signed a constitutional law establishing Alatau’s special legal regime on May 8. The framework gives the city its own rules covering areas including digital assets, financial markets and customs.

Kazakhstan subsequently approved a 65-measure plan on Sept. 15 aimed at expanding its regulated digital-asset market. According to The Astana Times, the plan includes as much as $60 million in tokenized Alatau projects by the end of 2026.

The planned investments include up to $50 million associated with the Iconic Tower complex and the Birlik logistics center. The issuances are expected to operate through the digital infrastructure of the Kazakhstan Stock Exchange (KASE).

The developments provide a regulatory and infrastructure backdrop for the proposed Tenge stablecoin, while also positioning Alatau as a testing ground for tokenized assets and other blockchain-based financial applications.

Kazakhstan already has a Tenge stablecoin

Kazakhstan’s exploration of another Tenge stablecoin would build on an existing local experiment with a tenge-backed digital currency.

The first tenge-backed stablecoin was launched in 2025. Intebix, a cryptocurrency exchange registered at the Astana International Financial Centre (AIFC), issued the token with partners including Solana, Mastercard and Eurasian Bank.

Known as KZTE, the token operates on the Solana blockchain. Tether’s latest announcement does not mention KZTE or indicate whether its proposed Tenge stablecoin would be connected to the existing project.

Kazakhstan has also been moving to establish a broader institutional role for digital assets. In March, NBK Governor Timur Suleimenov reportedly said the central bank planned to allocate up to $350 million from gold and foreign-exchange reserves toward crypto-related assets.

The country’s digital-asset law subsequently took effect on May 1, classifying money-backed stablecoins and tokenized real-world assets as digital financial assets. Under the framework, the NBK is responsible for regulating money-backed stablecoins, while another financial-market regulator oversees other assets within the category.

Tenge stablecoin plan follows broader digital-asset push

The proposed Tenge stablecoin is therefore part of a wider effort by Kazakhstan to establish regulated infrastructure for blockchain-based finance rather than an isolated stablecoin initiative.

The MoU calls for international research, regulatory workshops and a potential tokenization pilot, giving the NBK an opportunity to examine how stablecoin issuance and reserve management could operate within the country’s evolving framework.

For Tether, the arrangement creates an opportunity to work directly with Kazakhstan’s central bank and Alatau authorities on local digital-asset applications. For Kazakhstan, the proposed Tenge stablecoin could provide another avenue for assessing how blockchain-based representations of national currency might fit within its regulated financial system.

However, key details remain unresolved. The announcement does not specify who would ultimately issue the Tenge stablecoin, which blockchain would support it, how reserves would be structured or when a pilot could begin.

Those decisions will likely emerge from the concept-development and pilot work outlined in the agreement.

The proposed Tenge stablecoin also comes at a time when Kazakhstan is expanding the legal foundations for tokenized assets, stablecoins and crypto-related investments. With Alatau designated as a special regulatory environment and up to $60 million in tokenized projects targeted for 2026, the country is positioning the city as an important testing ground for its digital-finance ambitions.

For now, the Tenge stablecoin remains an exploratory project rather than a launched asset. The next stage will involve studying international models, defining the proposed token’s structure and determining how it could operate within Kazakhstan’s regulatory framework.