Tether said on October 7, 2026 that it had signed a memorandum of understanding (MoU) with the National Bank of Kazakhstan (NBK) and the Alatau City Authority to explore a tenge stablecoin, asset tokenization and decentralized finance. According to Tether’s release, the parties will study international models for stablecoin issuance, define potential use cases and prepare a concept and pilot proposal for a stablecoin pegged to the tenge, Kazakhstan’s national currency.

The agreement is exploratory. Tether’s release names no issuer for such a token, no blockchain, no reserve model and no launch date, and it does not say that any party has decided to issue one.

What the memorandum covers

Tether’s release describes three strands of work:

  • A tenge-pegged stablecoin. Jointly studying how stablecoins are issued elsewhere, defining use cases and preparing a concept and a pilot proposal.
  • Asset tokenization. Developing a tokenization framework in Kazakhstan, including the potential use of Hadron by Tether, the company’s tokenization platform. The parties will identify priority asset categories, design a conceptual tokenization model and launch a pilot project within the jurisdiction of the city of Alatau.
  • Training. Workshops, seminars and training programs on the international stablecoin and digital asset market, issuance and reserve management models, and the tokenization of real-world assets using distributed ledger technology, for NBK specialists and relevant government agencies.

The release places the Alatau pilot in the tokenization strand. It does not say where a stablecoin pilot would run.

Who signed

Tether describes the NBK as Kazakhstan’s central bank, responsible for monetary policy, oversight of payment systems, currency regulation and the stability of the financial system. The Alatau City Authority, in Tether’s description, is a specialized state body responsible for public administration and regulatory development in the city of Alatau under its special legal regime, set up to position the city as a digital innovation and fintech hub in Central Asia.

What the two sides said

Tether CEO Paolo Ardoino said Kazakhstan is “exploring asset tokenization and a strategic reserve framework” and that Tether’s goal is to build “efficient, transparent, and sustainable digital finance infrastructure.”

Binur Zhalenov, Deputy Governor of the NBK, is quoted in the same release: “As part of piloting tokenization projects, we intend to thoroughly study international best practices in stablecoin issuance and real-world asset tokenization.” He added that “maintaining financial stability, transaction transparency, and robust investor protection remains the paramount priority for the National Bank.”

What a pilot proposal would have to settle

A study is the step before the design choices that decide how a fiat-pegged token works for its holders. Any proposal would need to say who issues the token and holds the reserves, what assets back it and how often they are reported, who can redeem it for tenge and on what terms, which networks it runs on, and what controls the issuer keeps, such as the power to freeze tokens.

The issuer need not be Tether itself: its U.S. token USA₮ is issued by Anchorage Digital Bank. For how Tether reports reserves for USDT, see its entry in our stablecoin list. Tokens pegged to currencies other than the dollar and the euro are grouped on a separate list page, and our explainer on the Hong Kong stablecoin license shows how one jurisdiction wrote reserve and redemption rules into law.

Questions

Has Kazakhstan launched a tenge stablecoin with Tether?

No. Under the MoU, the parties will prepare a concept and a pilot proposal. Tether’s release gives no issuance date.

Who would issue the token, and on which blockchain?

The release does not say.

Where does Alatau come in?

The Alatau City Authority is a party to the MoU, and the tokenization pilot is planned within the city’s jurisdiction.

What is Hadron?

Tether’s tokenization platform. The release names it as a potential tool for the tokenization framework, not a confirmed one.

Sources

Tether, “Tether Signs MoU with the National Bank of Kazakhstan and the Alatau City Authority to Explore Stablecoin Use Cases and Asset Tokenization,” October 7, 2026. The NBK’s statements above are as quoted in Tether’s release.

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