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.

View the instruments →Read the Kazakhstan analysis

Abylai Khan

MEKKAMPre-launch

Token yield

At launch

KZT denominated · Treasury bills

KAZePre-launch

Redemption

1 : 1

KZT token · Backed by MEKKAM

Token yield

At launch

Token yield published at launch

Sovereign rating

Baa1 / BBB- / BBB

Republic of Kazakhstan · Moody's / S&P / Fitch

Chains

Solana · Stellar

Chains live at launch

Market reference

17.23%

MEKKAM weighted average, KASE auction, 5 May 2026

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 instruments

Kazakhstan's treasury bills, tokenized. And a tenge that holds them.

The instrument the local market already trusts, opened up.

MEKKAMPre-launch

MEKKAM: Kazakh treasury bills, tokenized

Sovereign debt, tokenized. Income accrues into the token's value. No coupon, no maturity date for you.

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.

Backed by

Held in regulated custody. Reserves attested monthly by a third-party firm and published from launch.

Liquidity

No lock-up. Redemption is instant within the liquidity float and T+1 beyond, during market hours.

Access

No minimum and no institutional ticket. Buy any amount from the app.

Token APY is KZT-denominated and differs from the reference rate. NAV may rise or fall.

At launch

Token yield published at launch

Market reference

17.23%
MEKKAM auction yield · KASE, 5 May 2026

View MEKKAM in the app →Read the structure

Read first

MEKKAM is a claim on Kazakh treasury bills. It earns what those bills earn, and its value moves with them. It is not a tenge stablecoin and it does not hold a fixed value of one tenge. Read the structure before the rate.

KAZePre-launchPrincipal token

A tenge token, held one to one, backed by treasury bills rather than by bank deposits.

A Kazakh tenge token issued by Etherfuse. Each unit is backed by MEKKAM held in a vault and redeems one to one against the tenge. The bills behind it accrue, and that accrual stays with the vault rather than passing to the holder.

Backing

MEKKAM held in a vault

Currency

KZT

1 : 1

Redeems against the tenge

Yield to holder

None. Accrual stays with the vault

Talk to the team →

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

Issuer of paperMinistry of Finance

PlacementKASE auction

CustodyRegulated custody

Token issuerEtherfuse KZ

HolderYou

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.

See all markets →Talk to the team

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.

All research →

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 →