What is a stablecoin?
A stablecoin is a crypto token designed to hold a steady value, usually pegged one-to-one to a fiat currency and backed by the issuer’s reserves. Under Kazakhstan’s Law on Digital Assets, a stablecoin is a type of digital financial asset whose underlying asset is money.
Why it matters
Reserves hold the peg, so for any product it matters who issues the token, where the reserves are kept and how redemption works. In Kazakhstan, the National Bank approves the rules for issuing stablecoins, and a digital asset that does not meet the requirements for digital financial assets counts as unsecured. A stablecoin project starts with a lawyer’s review.
1How the peg holdsFiat-backed coins hold cash and short-term assets in reserve; others use crypto collateral or algorithms, which carry more risk.
2Stablecoin vs bitcoinBitcoin’s price moves with the market; a stablecoin aims to stay at its peg.
3Who issues in KazakhstanAs a digital financial asset, a stablecoin is issued by a resident legal entity on the platform of an operator registered with the National Bank.
ExampleAn AIFC participant licensed for digital asset services orders an internal accounting system. It reads clients’ stablecoin balances from the blockchain, reconciles them with the custodian’s data and produces reports for compliance and accounting.
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Related terms
TokenisationRepresenting rights to a real or digital asset as tokens on a blockchain that can be held and transferred.DeFiFinancial services such as exchange, lending and borrowing, run by smart contracts instead of banks.Crypto walletAn app or device that holds the keys to crypto assets and uses them to sign transactions.BlockchainA shared ledger copied across many computers, where records are added in blocks and cannot be quietly changed.
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