[DigitalToday reporter Yoonseo Lee] Tether signed a memorandum of understanding with Kazakhstan's central bank and the Alatau city authority to introduce a tenge-linked stablecoin and an asset tokenization framework.

On Oct. 7 local time, blockchain media outlet Decrypt reported that the core of the agreement is a proposal for a stablecoin pilot pegged to the tenge, the local currency, and the design of a real-world asset (RWA) tokenization model.

The three institutions plan to first review stablecoin issuance cases in other countries and then draft a concept and a pilot project proposal. They have not decided who would issue the token and did not disclose a timetable for the pilot.

In asset tokenization, they will first narrow down the asset classes to apply and then design an operating model before pushing ahead with a pilot in Alatau. The scope includes recording ownership of existing real or financial assets, such as buildings or bonds, as blockchain-based digital tokens. There is a possibility the pilot will use Hadron, a tokenization platform Tether introduced in November 2024.

Kazakhstan's move aligns with a trend of expanding the central bank's crypto-related investments. In March, the central bank allocated up to $350 million of its roughly $70 billion in gold and foreign exchange reserves to crypto-linked investments. The funds may go into shares of related companies or index-type funds rather than cryptocurrencies themselves.

In September, Kazakhstan's crypto reserves reached $700 million. About $200 million of that was actually invested, mostly managed through hedge funds. This shows Kazakhstan is moving beyond a simple regulatory experiment and toward growing institutional investment and tokenization infrastructure together.

Kazakhstan is already running a separate test of a tenge stablecoin. One example is Evo, which launched in September 2025 within the central bank's regulatory sandbox. The token was issued by the exchange Intebix and Eurasian, with support from Solana and Mastercard in building it. The central bank designs the test rules, but it is not the token issuer.

A real estate tokenization plan is also proceeding in parallel. The central bank is pursuing a separate plan to tokenize 2 real estate properties in Alatau using the Kazakhstan Stock Exchange infrastructure. The assets are valued at up to $50 million and $10 million, respectively, and the completion time was set for the end of 2026.

Alatau is a planned city being developed in the Almaty region and aims to become a Central Asian fintech hub with its own legal system. Kazakhstan President Kassym-Jomart Tokayev has also said residents in the city would pay for goods and services with cryptocurrencies.

The agreement's key point is that it brings stablecoin reviews and asset tokenization experiments under one framework. Kazakhstan is expanding the scope of its digital asset infrastructure by using Alatau as an experimentation base, following its investment allocation and separate pilots.

Tether Signs MoU with the National Bank of Kazakhstan and the Alatau City Authority to Explore Stablecoin Use Cases and Asset Tokenization Learn more: https://t.co/99Cwo0yiBj