The National Bank of Kazakhstan (NBK) and the Alatau City Authority have signed a memorandum of understanding (MoU) with USDT issuer, Tether, to explore frameworks for a tenge stablecoin and real-world assets tokenization.The deal announced by the stablecoin issuer on Wednesday, October 7, adds a new name to Kazakhstan’s push to become Central Asia’s leading crypto hub following Binance’s agreement with NBK.Tether is exploring a tenge stablecoin and tokenization frameworkAccording to Tether’s announcement, the stablecoin issuer is looking to develop two tracks in the agreement it penned with NBK and ACA.First, it will examine international models to develop a concept and a pilot proposal for a stablecoin pegged to Kazakhstan’s national currency, the tenge.On the second track, they are working with domestic authorities to build a tokenization framework for real-world assets, potentially using Tether’s Hadron tokenization platform.Tether CEO Paolo Ardoino said, “Kazakhstan is taking a deliberate, forward-looking approach by exploring asset tokenization and a strategic reserve framework.”Financial stability, transparency, and investor protection are the central bank’s top priorities in this arrangement, according to a deputy governor at the National Bank, Binur Zhalenov.Both sides also committed to a run of workshops and training sessions for central bank and government staff, covering stablecoin issuance, reserve management, and tokenization.Why firms are moving to Alatau, KazakhstanAlatau, the city run by the Alatau City Authority (ACA), is Kazakhstan’s “CryptoCity” ran under a special legal regime signed into law on May 8, 2026, by President Kassym-Jomart Tokayev. Deputy Prime Minister Kanat Bozumbayev also called Alatau a “charter city” during a May 21 briefing.Kazakh outlet Qazinform reports that the special legal regime framework, partly modeled after Dubai and Singapore, took effect in stages starting July 1.Disputes can be resolved through the Astana International Financial Centre (AIFC) or international arbitration, and local rules can draw on the law of England and Wales.How Alatau is set up.Notably, Bozumbayev said the successes from CryptoCity could be deployed on a larger scale throughout Kazakhstan.Tether is following Binance to Alatau, after the exchange signed a September 7, 2026, memorandum with the National Bank of Kazakhstan to build a regional settlement hub in the country, as Cryptopolitan reported at the time.Binance had a local presence even before that September MoU, as its Binance Pay service went live across 5,000 point-of-sale terminals through Alatau City Bank. Co-founder Changpeng Zhao (CZ) announced the milestone on July 8, 2026. That system converts digital assets, mostly USDT, into tenge instantly for merchants.If you're reading this, you’re already ahead. Stay there with our newsletter.