Kazakhstan has launched its first tenge-pegged stablecoin, KZTg, on Telegram

Kazakhstan has launched KZTg — a stablecoin pegged to the national currency. According to independent financial analyst Andrei Chebotarev, this is the first national currency-pegged stablecoin on Telegram in Central Asia and the first non-dollar stablecoin on the TON network.

The project was presented at the Central Asian Fintech Summit 2026 in Almaty. The first issue of KZTg was carried out by TG Coin.

The stablecoin is backed by the tenge at a 1:1 ratio. Users will be able to top up their balance using a bank card or via bank transfer: 1 tenge equals 1 KZTg. Funds can also be withdrawn back into tenge directly via Telegram.

Transactions are subject to checks against sanctions lists and lists of politically exposed persons. The project operates within the National Bank of Kazakhstan’s regulatory ‘sandbox’, with Alt coin LLP acting as the operator.

According to data provided by Andrei Chebotarev, dollar-pegged stablecoins currently account for around 99.76 per cent of the market. All other currencies account for just 0.24 per cent, or around $771 million, out of a total market volume exceeding $320 billion.

The analyst notes, however, that a stablecoin’s stability depends not only on its stated peg but also on its being backed by actual reserves. Going forward, a key issue will be the availability of regular public audits of these reserves and information on exactly who is conducting them.