Kazakhstan Moves to Displace Global Stablecoins with Regulated Local Alternatives

Kazakhstan is shifting its digital asset strategy from mere tolerance of global stablecoins to the active development of domestic equivalents. The National Bank is positioning regulated, local tokens as a safer alternative to USDT and USDC, which the regulator now explicitly classifies as "unsecured" assets within the Kazakh jurisdiction. Binur Zhalenov, Deputy Chairman of the National Bank, confirmed that the legal framework for the issuance and circulation of stablecoins is already operational. The regulator is currently overseeing five projects within its "regulatory sandbox," including the Tenge-backed EVO stablecoin used for cryptocurrency trading on local exchanges and a recently launched integration within Telegram's Wallet. The structural shift lies in the National Bank's approach to risk and collateral. To issue a stablecoin in Kazakhstan, an organization must obtain a digital asset platform operator license. Zhalenov emphasized that the regulatory requirement is strict: every token must be fully backed by cash deposits or short-term securities.