Tether has signed agreements with the Central Bank of Kazakhstan and the Administration of Alatai City to explore stablecoins pegged to the tenge, as well as the tokenization of real-world assets.

According to this memorandum of understanding, the relevant parties will study the issuance models of international stablecoins, identify potential use cases, and develop a pilot proposal for a stablecoin supported by the tenge. The above information is disclosed by Tether.

The protocol also requires the establishment of an asset tokenization framework, including identifying assets that can be tokenized, and launching a pilot project in Altay. This project may utilize the Hadron platform of Tether.

Tether, the National Bank of Kazakhstan, and the Administration of Alatai City will also organize seminars and training programs covering topics such as stablecoin issuance, reserve management, and the tokenization of real-world assets.

Deputy Governor of the National Bank of Kazakhstan, Binur Zhalenov, stated that the central bank plans to study international practices regarding the issuance of stablecoins and tokenization, while giving priority to financial stability, transaction transparency, and investor protection.

Kazakhstan accelerates the development of digital assets

This year, the world's largest landlocked country has accelerated its efforts in digital assets, with initiatives including stablecoins, tokenization, encrypted payments, and mining.

In September this year, the Kazakh government approved a plan covering 10 areas and comprising a total of 65 measures, aimed at developing the country's digital assets industry. The plan includes measures related to the tokenization of real-world assets, digital payments, international settlements, and cryptocurrency mining.

The government also instructed the Ministry of Energy and the Department of Digital Development to establish mechanisms for utilizing gas and coal-fired power generation to supply electricity to mining centers. According to the government, Kazakhstan aims to be among the top ten countries in global Bitcoin production by 2025.

Meanwhile, according to the announcement, Kazakhstan's national strategic crypto reserves have reached $700 million, and another 34 digital asset projects have completed testing within the central bank's regulatory sandbox.

According to the database of BitcoinTreasuries.net, Kazakhstan ranks seventh among governments around the world in terms of Bitcoin holdings, with an estimated possession of 3,544 BTC, valued at approximately 294 million US dollars.