The National Bank of Kazakhstan has launched a pilot project to issue a stablecoin fully backed by the national currency, the tenge, within its regulatory sandbox for digital assets, Kazpravda.kz reports.
The initiative is led by Intebix, a digital asset exchange registered at the Astana International Financial Centre (AIFC), in partnership with blockchain platform Solana, payment giant Mastercard, and Eurasian Bank.
According to the central bank, the new stablecoin will bridge the crypto and traditional financial sectors by establishing a secure crypto-fiat on-ramp. Users will be able to convert cryptocurrencies into tenge-backed stablecoins and make everyday purchases using crypto-enabled payment cards — a feature already in pilot since June 2025.
“This is the first of eight pilot projects selected under four key tracks in our regulatory sandbox,” said National Bank Chairman Timur Suleimenov, noting the move fulfills the President’s directive to fully harness the potential of digital financial products.
The stablecoin — a digital token pegged 1:1 to the tenge — is designed to enhance transparency, security, and accessibility in digital finance for both individuals and businesses. It will serve as a cornerstone of Kazakhstan’s emerging national digital asset ecosystem.
The National Bank’s regulatory sandbox remains open to new applications in digital assets and payment innovation, underscoring Kazakhstan’s ambition to become a digital economy leader in Central Asia.
CentralasianLIGHT.org
Sept. 24, 2025