Kazakhstan has launched its first tenge-pegged stablecoin for use in cryptocurrency exchanges and crypto card payments.
The pilot project was rolled out under the National Bank’s regulatory sandbox. National Bank Chairman Timur Suleimenov announced that Intebix, one of the sandbox participants, will issue the tenge-backed stablecoin in partnership with Solana, Mastercard and Eurasian Bank.
The regulator states that the stablecoin aims to facilitate crypto trading and enable transactions with payment cards linked to digital assets.
Stablecoins are a class of cryptocurrency whose value remains relatively stable, unlike highly volatile tokens such as Bitcoin. They are typically tied to established assets, most often government-backed currencies, gold or stock indexes.
