Binance Kazakhstan launches a stablecoin backed by the digital tenge

On November 16, Binance Kazakhstan announced the launch of a stablecoin backed by the digital tenge. The exchange’s representatives told ForkLog.

The issuance is carried out as part of testing the interoperability of the blockchain technology CBDC with the BNB Smart Chain network.

The project is being conducted with the participation of the National Bank and the National Payment Corporation of Kazakhstan.

The parties intend to study the new asset in the context of reducing risk for digital tenge holders, including through the programmability of its use.

The testing also includes the development of a Proof-of-Reserves mechanism, allowing end users to independently verify the backing of stablecoins stored in wallets.

As a result of the project, the National Bank of Kazakhstan will develop future scenarios for testing the interoperability of different platforms, as well as a regulatory framework for the use of CBDC.

Earlier, Halyk Bank and Visa released a payment card linked to the digital tenge.