Tether, Kazakhstan to explore tenge stablecoin and tokenization

Tether has signed a memorandum of understanding with Kazakhstan’s National Bank and Alatau City Authority to explore a stablecoin pegged to the tenge and a framework for tokenized assets. The parties say they will study international models and prepare a concept and pilot proposal; the agreement does not approve or launch a new token. The proposed stablecoin would be denominated in Kazakhstan’s national currency. The parties have not announced who would issue it, its reserve structure, the blockchain it might use or a date for issuance. The memorandum also does not specify final commercial terms. A second part of the agreement concerns tokenization, or representing ownership of assets digitally. The parties plan to identify asset categories for possible tokenization and design a model for issuing them. A pilot could take place in Alatau City, and the agreement says Tether’s Hadron platform may be used. No asset class or pilot launch date has been selected. The memorandum also provides for workshops and training on stablecoins, digital assets, reserve management and tokenization.