Tether tapped by Kazakhstan’s central bank to explore stablecoin and tokenization
The National Bank of Kazakhstan (NBK) has entered into a memorandum of understanding with Tether and the Alatau City Authority to explore the development of a stablecoin pegged to the Kazakhstani tenge. This collaboration aims to evaluate the feasibility of asset tokenization and decentralized finance applications within the country's financial ecosystem. The parties intend to study international best practices and identify suitable real-world assets for pilot programs, specifically leveraging the Alatau city special legal regime. Tether’s Hadron platform is currently under consideration as the primary infrastructure for managing these tokenized assets. While the agreement is strictly exploratory and does not guarantee a formal issuance, it represents a significant step for Kazakhstan in integrating blockchain technology into its national financial framework. Tether, known for its $140 billion USDT stablecoin and $3.3 billion XAUT gold product, continues to diversify its business model into tokenization infrastructure. This partnership highlights the growing trend of central banks engaging with private stablecoin issuers to modernize domestic payment systems and explore the broader utility of RWA tokenization.