National Bank of Kazakhstan launches first tenge stablecoin

ASTANA. Sept 23 (Interfax) - Kazakhstan has launched its first tenge-denominated stablecoin, National Bank of Kazakhstan CEO Timur Suleimenov told journalists on Tuesday.

"Today, within the framework of the National Bank's regulatory sandbox, we are launching the first Kazakh stablecoin denominated in our national currency," Suleimenov said.

The participants of the regulatory sandbox who launched the first stablecoin were the Kazakh crypto exchange Intebix in collaboration with the blockchain platform Solana and Mastercard, as well as Kazakhstan's Eurasian Bank.

The tenge-denominated stablecoin issuance project will be used for cryptocurrency exchange and trading via crypto cards.

"The emergence of the tenge stablecoin promotes the localization of liquidity within the country, integration with the existing financial infrastructure, and the development of the domestic digital asset ecosystem," Suleimenov said.

It was reported in July that the National Bank of Kazakhstan was launching testing in the regulatory sandbox for crypto exchanges, the tenge stablecoin, as well as tokens for real estate, business shares and debts.