Tether signed a Memorandum of Understanding on October 7, 2026, with the National Bank of Kazakhstan (NBK) and the Alatau City Authority (ACA) to explore a stablecoin pegged to the tenge, asset tokenization pilots and decentralized finance applications within Kazakhstan's planned innovation district.

The non-binding framework brings together three institutional layers: the central bank as monetary authority, the Alatau City Authority as host of the testing ground, and Tether as operator of the largest dollar stablecoin by circulation and of Hadron, its tokenization platform.

What the MoU actually covers

Under the agreement, the parties will study a tenge-denominated stablecoin, launch tokenization pilots in Alatau City, and examine international models for stablecoin issuance and supervision. Educational programming, including workshops on investor protection and financial stability, sits inside the same framework.

Tokenization refers to representing real-world instruments such as buildings, loans or equity on a blockchain as transferable digital tokens. The pilots under discussion would run on Hadron if Tether's platform is selected, the company said.

The $60 million pipeline

Kazakhstan has earmarked up to $60 million in tokenization activity inside Alatau City by the end of 2026, split across two projects. The Iconic Tower accounts for up to $50 million in financing, and the Birlik logistics center accounts for the remaining up to $10 million. Whether those deals close on schedule is the first operational test of the new framework.

Why the layering matters

The Tether MoU follows a separate agreement signed on October 2, 2026, between the Kazakhstan Stock Exchange (KASE) and the Alatau City Authority. That earlier framework targets platforms for digital financial assets and multi-currency stablecoin settlement. Alatau City is also working with Dunamu, the operator of the Upbit exchange, on real-asset tokenization and stablecoin use cases.

The structure stacks a stock exchange, a central bank, a special economic authority, and two crypto-native firms around one city. Stablecoins in active circulation are overwhelmingly dollar-denominated, so a tenge-pegged instrument would give Kazakhstan's currency an on-chain footprint it does not currently hold.

What to watch next

Three operational markers will determine whether the framework produces shipped products rather than signed memoranda. First, whether the Iconic Tower and Birlik tokenizations actually settle before December 31, 2026. Second, whether Hadron is named as the underlying platform, which would represent a concrete distribution win for Tether. Third, how a tenge stablecoin design coordinates with the multi-currency settlement tools being scoped under the KASE agreement.

The MoU itself imposes no issuance deadline and creates no licensed entity. Regulatory status of any tenge-pegged token would still require action by NBK, and no such authorization has been announced.