Kazakhstan Launches Tenge Stablecoin in National Bank's Digital Sandbox
Date: 2025-09-24 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS, IN WORLD
The National Bank of Kazakhstan announced the launch of a test project, issuing a tenge-backed stablecoin. The launch took place in a regulatory sandbox designed to test innovative solutions in the digital asset sector. The token was issued by the Intebix crypto exchange with the assistance of the Solana Foundation, Mastercard, and Eurasian Bank.
The main goal of the initiative is to connect the cryptocurrency sector with the country's traditional financial instruments. The new asset is intended to simplify the exchange of cryptocurrency for tenge and create the basis for crypto cards with instant conversion. Intebix operates under a license from the Astana International Financial Center, allowing it to legally handle digital assets.
The presented token is the first of eight pilot projects included in the National Bank's sandbox in 2025. Future projects include the launch of crypto cards and the development of other digital payment solutions. Timur Suleimenov, head of the regulator, recalled that the development of financial technologies has been identified as a priority by the country's president.
The National Bank continues to accept applications from companies willing to test their digital products on this platform. One of the key partners is the Solana Foundation, which actively works with Kazakhstani projects. In May, the Astana International Exchange (AIX), the Solana Foundation, and the Jupiter project signed a memorandum of cooperation on securities tokenization.
In October, Kazakhstan will once again attract attention at the major international forum Digital Bridge in Astana. Solana Foundation President Lily Liu will moderate the plenary session, which is expected to feature UAE Minister of Artificial Intelligence Omar Sultan Al-Olam and Stanford researchers. Pavel Durov, founder of Telegram, may also be among the forum's guests.
Developing the digital economy has become one of the key priorities of the Kazakh government. In early September, President Kassym-Jomart Tokayev proposed creating a State Digital Assets Fund. It will form a strategic crypto reserve of the most promising tokens and operate within the National Bank's Investment Corporation.
Furthermore, the government has instructed the development of an investment program of up to $1 billion to support high-tech industries. A new banking law is currently being drafted, which will take into account the specifics of fintech and the liberalization of digital asset circulation.
Thus, the launch of a tenge-denominated stablecoin has become an important step in integrating cryptocurrencies into Kazakhstan's financial system and has laid the foundation for the further development of the country's digital infrastructure.
