The National Bank is launching a pilot stablecoin in tenge

The National Bank announced the launch of a pilot project to issue a tenge-backed stablecoin within the framework of the National Bank’s regulatory sandbox for digital assets.

The stablecoin was launched by a participant in the regulatory sandbox — Intebix, a digital asset exchange registered in the MFCA — in partnership with Solana, an international blockchain platform; Mastercard, an international payment system; and Eurasian Bank.

The launch of a domestic tenge-backed stablecoin will enable the integration of innovative digital solutions from the crypto market with traditional financial infrastructure. This opens up new opportunities to expand the crypto-fiat channel. Specifically, it will become possible to exchange cryptocurrency for tenge-backed stablecoins and conduct trading operations using crypto cards.

This project is part of the National Bank’s strategy to develop a national ecosystem of digital assets, including the development of innovative digital tools and Kazakhstan’s digital asset market.

In June this year, the National Bank launched the implementation of the crypto card project, which allows payments for goods and services using cryptocurrency with instant conversion into tenge.

The National Bank’s regulatory sandbox is open for accepting new applications in the field of payment services and digital assets.

Stablecoins are digital assets backed by fiat currency. The National Bank’s regulatory sandbox is a special regulatory regime and a platform for safely testing and launching pilot projects in the field of digital assets.