ALMATY, Sept. 23 (Xinhua) -- Kazakhstan has launched its first tenge-denominated stablecoin, Kazinform News Agency reported Tuesday, citing National Bank Governor Timur Suleimenov.
The stablecoin was launched within the framework of a regulatory sandbox by the Kazakh crypto exchange Intebix, in collaboration with the blockchain platform Solana, Mastercard, and Kazakhstan's Eurasian Bank.
The tenge-denominated stablecoin project will be used for cryptocurrency exchange and trading via crypto cards.
"The emergence of the tenge stablecoin promotes the localization of liquidity within the country, integration with the existing financial infrastructure, and the development of the domestic digital asset ecosystem," Suleimenov said. ■