Kazakhstan Launches Tenge-Pegged KZTg Stablecoin on Telegram

Kazakhstan has launched the KZTg stablecoin on Telegram. The first issuance of the token took place at the Central Asia Fintech Summit 2026 in Almaty on Sept. 11, according to independent financial analyst Andrey Chebotarev, as reported by Kursiv Media.

The project is positioned as the first stablecoin denominated in a national currency operating on Telegram in Central Asia, and the first non-U.S.-dollar stablecoin on the TON network. KZTg is pegged 1:1 to the tenge.

Users can top up their accounts with a bank card or bank transfer at a rate of 1 tenge = 1 KZTg and withdraw funds back into tenge via Telegram. Identity verification is required. According to Chebotarev, transactions are also screened against sanctions lists and politically exposed person (PEP) lists.

The project operates within the National Bank's regulatory sandbox, operated by Alt Coin LLP. The National Bank introduced comprehensive regulation of digital asset circulation on May 1, 2026. The new framework covers digital financial assets, including stablecoins backed by money.

Reserve verification is the open question

The Central Asia Fintech Summit in Almaty drew more than 4,000 participants from the financial and technology sectors, according to Kursiv Media.

Chebotarev said the key issue for the project will be verifying the reserves backing the issued tokens. Regular public audits of those reserves, he said, will be an important indicator of the project's credibility.

The KZTg launch is separate from Kazakhstan's digital tenge central bank digital currency, which the National Bank put into circulation on July 18. The digital tenge is issued exclusively by the National Bank and carries the same legal status as cash and non-cash money. KZTg, by contrast, operates within a regulatory sandbox and is operated by a private entity under the sandbox framework.