Kazakhstan brings its financial system closer to crypto again. The country’s National Bank, Tether, and the Alatau city administration signed an agreement to study a stablecoin backed by the tenge, the national currency. The project first involves a concept and a pilot. The partners also want to tokenize real assets potentially using Tether’s Hadron platform. No new stablecoin has been launched yet.
While bitcoin coughs, Kazakhstan opens the checkbook. 350 million of oil to buy crypto stocks and ETFs. Gold mines are going digital, a bold move.
Tether has quietly become one of the world’s largest private holders of physical gold. The issuer of the world’s biggest stablecoin is buying bullion at a pace that now rivals national governments. Executives say the strategy is driven by rising concerns over monetary stability and declining confidence in paper-based assets. The expanding gold reserves also reinforce the backing of Tether’s gold-linked products.
When crypto falls into public hands, Kazakhstan recycles and capitalizes. From seizures to ETFs, the former Soviet republic attempts a balancing act between repression and uncontrolled innovation.
When a central bank teams up with Solana and Mastercard to create a stablecoin, it means crypto is no longer reserved for geeks. Kazakhstan is quietly forging its path.
While most nations are still hesitant to take the step, Kazakhstan is accelerating. Its president, Kassym-Jomart Tokayev, has just announced the creation of a national cryptocurrency reserve, accompanied by a clear call to build a true ecosystem of digital assets. A bold decision for this Central Asian country, already a major player in global mining.
The Russian mining industry is experiencing strong growth, with BitRiver leading the way, propelling Russia into the top 3 globally.