Binance and the NBK have issued a stablecoin backed by digital tenge

The National Bank of Kazakhstan (NBK), Binance Kazakhstan, and the National Payment Corporation of Kazakhstan have jointly carried out a successful test for a stablecoin backed by the digital tenge. This stablecoin enables users to validate the security of their assets in real-time through digital currency.

The stablecoin was deployed on BNB Smart Chain, facilitating the test of interoperability of the blockchain, which will become the basis for the country’s CBDC.

As outlined in the press release, the main objective of this initiative is to showcase a stablecoin model that significantly mitigates risks for users of the digital tenge. Following the successful tests, the NBK plans to formulate a comprehensive testing plan for compatibility of different platforms, along with regulatory frameworks for the utilisation of the digital tenge.

Binur Zhalenov, the CEO of the National Payment Corporation of Kazakhstan, emphasised that the introduction of the digital tenge showcases the potential of blockchain in developing innovative financial services, ensures the efficiency of government expenditure, and also creates a link between the worlds of digital assets and traditional finances.

Binance, recognising the significance of this initiative, highlighted that it represents a substantial stride towards the adoption of cryptocurrencies.

Recently, Kazakhstan witnessed the first transaction using the digital tenge. In collaboration with Visa, Halyk Bank issued the digital tenge card.

Earlier, Binance established a local crypto asset platform in Kazakhstan and launched an educational blockchain program at universities across the country.