Kazakhstan has launched KZTg, a stablecoin pegged to the tenge and operating within Telegram. The token's first issuance took place at the Central Asia Fintech Summit 2026 in Almaty, according to independent financial analyst Andrey Chebotarev, as reported by infohub.kz.
According to Chebotarev, the TG Coin project is positioned as the first national-currency stablecoin operating on Telegram in Central Asia, as well as the first non-dollar stablecoin on the TON network.
KZTg is backed by the tenge at a one-to-one ratio. Users can top up their balance with a bank card or transfer at a rate of 1 tenge = 1 KZTg, and then withdraw funds back into the national currency via Telegram.
Identity verification is required to use the service. According to Chebotarev, transactions are also screened against sanctions lists and politically exposed persons (PEP) lists. The project operates within the National Bank's regulatory sandbox, with Alt coin LLP acting as the operator.
On May 1, 2026, the National Bank introduced comprehensive regulation of digital asset circulation. The new framework, in particular, defines digital financial assets, which include stablecoins backed by fiat money.
KZTg was launched at the Central Asia Fintech Summit, held on September 11 in Almaty, which brought together more than 4,000 participants from the financial and technology markets.
Chebotarev noted that confirmation of the reserves backing the issued tokens will be a key issue for the project. According to him, the existence of regular public audits of those reserves will be an important indicator.
Talk of a tenge-backed stablecoin in Kazakhstan began about a year ago. Kursiv previously reported that Nurkhat Kushimov, head of Binance Kazakhstan, had said such an instrument could be launched in 2026.