Kazakhstan implements stablecoin payments for public spending purposes
In a groundbreaking move, Kazakhstan has announced that businesses can now pay government regulatory fees using dollar-backed stablecoins. This bold step aligns the Astana International Financial Centre (AIFC) with global trends in digital finance and ensures secure and reliable transaction management.
The Astana Financial Services Authority (AFSA) has launched a pilot project within the AIFC for this purpose. Notable companies like Bybit Kazakhstan have pioneered the use of this system, offering a QR code-based payment solution and a special digital wallet.
The AFSA initiative is presented as the first regulatory experiment in Central Asia, aiming to position the AIFC as a regional hub for digital finance. This move follows the deployment of Kazakhstan's Central Bank Digital Currency, the Digital Tenge, with 257.5 billion units in circulation.
Approved digital asset companies act as intermediaries between businesses and the government for these payments. Companies such as Bitpanda, Bitvavo, Bison (Boerse Stuttgart Digital Ventures), Coinbase Germany GmbH, and others licensed and regulated in Germany or Europe, are capable of acting in this capacity.
The growing reliance on stablecoins is evident in the global stablecoin market capitalization. By mid-2025, it reached $251.7 billion and is projected to reach $2,000 billion by 2028. Centralized stablecoins like USDT are becoming increasingly essential to tokenized financial markets. USDT handles between $20 and $25 billion in daily transactions, highlighting the growing reliance on "digital dollars."
Other significant players in the stablecoin sector include Singapore, which has issued licenses to stablecoin issuers like XSGD. Hong Kong is preparing regulatory licenses for stablecoins in US dollars and local currencies. The United States has adopted the GENIUS Act to regulate dollar-backed stablecoins. Dubai and the European Union have established frameworks supporting the integration of digital assets.
Japan has also joined the fray, approving the first stablecoin indexed to the yen. Over 4,000 companies from more than 80 countries registered at the AIFC could be affected by this pilot project. Stablecoin payments offer solutions to problems such as slowness, costliness, and lack of transparency in traditional bank payments for fees.
Kazakhstan's adoption of stablecoins for paying regulatory fees positions it as a leading actor in an evolving sector. This move modernizes its financial system and offers a glimpse into the future of digital finance. The AIFC, hosting over 1,500 companies with $7 billion in investments and having full regulatory approval for major platforms like Binance and Bybit, is poised to play a significant role in this evolution.
