The National Bank of Kazakhstan (NBK), Tether and the Alatau City Authority signed a memorandum of understanding to study stablecoins, asset tokenization and decentralized finance, the parties said Wednesday in a press release
One focus will be a potential stablecoin pegged to the Kazakhstani tenge. The group plans to study how similar tokens work elsewhere, identify possible uses and prepare a proposal for a pilot. The agreement is exploratory and does not amount to a decision to issue the stablecoin
The partnership also puts tokenization on the agenda. Tokenization creates blockchain-based representations of assets, potentially allowing anything from bonds to real estate to be transferred, traded or used as collateral through digital networks. The parties will identify which types of assets could be suitable and plan a pilot in Alatau, a city operating under a special legal regime designed in part to encourage financial technology
Tether's Hadron platform, which provides infrastructure for issuing and managing tokenized assets, is one technology being considered for the project
Tether is best known as the issuer of USDT, the world's largest U.S. dollar stablecoin with about $140 billion in circulation. It also issues XAUT, a roughly $3.3 billion tokenized gold product backed by physical bullion held in Swiss vaults
The company has been expanding well beyond stablecoins, investing across energy, payments, commodities and tokenization infrastructure as it looks to build a broader financial and digital-asset business
Kazakhstan has been building out its digital-asset framework while keeping its central bank closely involved in the process
“As part of piloting tokenization projects, we intend to thoroughly study international best practices in stablecoin issuance and real-world asset tokenization,” NBK Deputy Governor Binur Zhalenov said
Tether and the Kazakh authorities will also run workshops on stablecoin reserves, issuance and tokenization for central bank staff and other government agencies
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
