Markets / Kazakhstan
This is Kazakhstan.
The settlement layer between East and West.
Etherfuse issues tokenized Kazakh treasury bills onchain under a National Bank of Kazakhstan supervised regime, in a market wiring itself into the corridor between China and Europe.
Abylai Khan
Tokenized
KZT · Treasury Bills
Token yield
—
Yield published at launch
MEKKAM auction yield
17.23%
Weighted avg, KASE auction, 5 May 2026
Settlement
Solana · Stellar
Chains live at launch
Strong on every measure.
Kazakhstan scores four out of five on the Etherfuse sovereign model. Two consecutive years of current account surplus, low government debt, inflation falling for nine straight months, and a currency that has held its level across five years. One component keeps it from a perfect score, and that component is already moving in the right direction.
Etherfuse sovereign score
4of 5
Etherfuse Kazakhstan scoring review, July 2026.
Government debt to GDP
25%of GDP
Low by any emerging market comparison.
Annual inflation
10.3%Falling
Falling for nine consecutive months.
Caveat
Interest rates score zero. At 16.75% the base rate is high enough to choke off investment if it holds there, and the component scores on direction rather than level.
Kazakhstan carries the lightest government debt load of any market Etherfuse covers, and pays the highest local rate for it.
The instrument
Kazakhstan's treasury bills, tokenized.
The instrument the local market already trusts, opened up.
MEKKAMPre-launchShort term government paper that earns while you hold it.
MEKKAM are the short term treasury obligations of the Ministry of Finance, sold at a discount and redeemed at face value, with terms running from three to twelve months. They are placed at auction on KASE and, until now, held almost entirely by institutions. The token carries a claim on a pool of that paper held in regulated custody. It earns what the bills earn, and it settles onchain.
Underlying
MEKKAM, short term treasury bills, Ministry of Finance
Term
3 to 12 months
Backing
Pool held in regulated custody, coverage at not less than 100%
Pending
Yield published at launch
Market reference
MEKKAM auction yield 17.23%
KASE, 5 May 2026
Read first
MEKKAM is a claim on Kazakh treasury bills. It earns what those bills earn, and its value moves with them. Read the structure before the rate.
Who this is for
What people use this for.
Savers
Hold the government's own paper without a brokerage account standing in the way.
Open the app →Businesses and treasuries
Put tenge balances to work between transactions instead of leaving them flat.
Talk to the team →Builders and payment platforms
Settle in tenge onchain with sovereign collateral sitting behind the balance.
Read the docs →Our Kazakhstan standing
Etherfuse KZ
Admitted. Supervised. Publicly registered.
A supervised regime is not a licence. It carries conditions, reporting and central bank visibility over how the activity is conducted, which is why an institution can act on it.
Structure chain
Regulatory standing
Regulator
National Bank of Kazakhstan
Instrument of admission
Board Resolution No. 82, 27 July 2026
Authorised activity
Issuance and circulation of digital assets certifying rights of claim under government securities
Public record
National Bank register of participants
Challenging markets are the product.
Anyone can tokenize a US Treasury. We issue where the regulation is dense, the currency is local, and the counterparty has to be a real domestic institution. Kazakhstan is the same argument as every other market we operate in.
Mexico, Brazil, Europe, the United Kingdom, the United States.
Local institutions
We work with domestic managers under domestic supervision, not offshore wrappers.
A supervised regime
National Bank of Kazakhstan visibility over how the activity is conducted. Conditions, reporting, and a public register.
More than one market
The same structure, issued market by market, wherever local paper is worth holding.
Our work on Kazakhstan.
How we read this market.
The marketKazakhstan scores a 4 out of 5
Eight inputs — external position, reserve cover, rate path, inflation, banking depth, legal enforceability, capital-control regime and digital asset policy — scored the same way in every market we issue in. Kazakhstan loses its fifth point on the level of the base rate, not on the direction of it.
Read the scoring note →AnalysisKazakhstan is building a settlement corridor. Corridors need collateral.
Freight, energy and payments between China and Europe increasingly clear through Kazakhstan. A corridor that moves value needs an instrument to hold it in overnight, in local currency, with sovereign paper behind it. That is the case for MEKKAM onchain.
Read the analysis →Which describes you?
Self-serve
I want to hold it myself
Buy MEKKAM directly from a wallet, starting small.
Institutions
I allocate at size
Treasury, fund and corporate allocations, with a person on the other end.
Developers
I am building on it
Integrate the instrument into a product, a wallet or a payment flow.
Important information
MEKKAM is a tokenized claim on short term treasury obligations issued by the Ministry of Finance of the Republic of Kazakhstan and is denominated in tenge. It is not a deposit, is not guaranteed by Etherfuse, and is not insured. It is not a stablecoin and does not hold a fixed value of one tenge. Its value per token reflects the net asset value of the underlying pool, which moves as interest accrues, fees are applied and market conditions change, and may sit above or below one tenge. Reserve coverage is maintained at not less than 100%. Yield is not fixed and depends on the terms at which the underlying bills are issued. A holder is exposed to movements in the tenge against any other currency they measure in, and to the credit of the Republic of Kazakhstan. Etherfuse KZ operates within a special regulatory regime of the National Bank of Kazakhstan under conditions set out in Board Resolution No. 82 of 27 July 2026. Admission to that regime is not a licence, an endorsement or a guarantee of any instrument.
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