Tether has signed a memorandum of understanding with the National Bank of Kazakhstan (NBK) to explore a stablecoin pegged to the tenge, the country’s national currency. The agreement also includes the Alatau City Authority, which will oversee regulation of the pilot project under its special legal regime. The three parties will study international stablecoin issuance models and prepare a concept and pilot proposal, which could run on Hadron, Tether’s tokenization platform. Kazakhstan plans to allocate up to $60 million to tokenization projects in Alatau by the end of 2026, as part of a 65-measure government plan to expand the regulated digital asset market. The country also intends to invest up to $350 million in crypto-related assets, and a first tenge stablecoin (KZTE) was already launched in 2025 on the Solana network by Intebix.
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