Kazakhstan's central bank has admitted Etherfuse, a Mexico City-based startup that puts government debt on blockchains, to a supervised regulatory program where the company plans to test digital tokens backed by Kazakh government bonds.
The approval was granted under National Bank Board Resolution No. 82 dated July 27, according to a letter shared on X by Etherfuse co-founder Dave Taylor.
- The sandbox allows companies to test financial products under the central bank's supervision before a wider launch.
The document, though, authorizes only a pilot rather than granting a general operating license. It also doesn't disclose the planned issuance size, launch date or blockchain on which the product will be issued.
Big corridor, small starting point
Taylor said the project covers Stablebonds, tokens representing proportional economic claims on pools of government debt held by regulated custodians. Despite their name, they aren't stablecoins.
- According to Etherfuse's product description, Stablebonds are yield-bearing digital assets backed one-for-one by sovereign debt held in regulated custody.
- Data from Etherfuse's website shows roughly $19 million of Stablebonds outstanding, led by $12.3 million in USTRY, its U.S. Treasury product, and about $5.4 million in Mexican government debt.
- The remainder comprises roughly $810,000 linked to Brazilian bonds, $170,000 to South Korean debt, $82,500 to UK gilts and just $400 to European bonds.
- The tokens are issued across Stellar, Solana, Base, Polygon and Monad.
In an X post announcing the approval, Taylor also thanked Halyk Finance, a Kazakh investment bank that is helping connect bank accounts with self-custody wallets.
- Taylor said Etherfuse aims to become "the sovereign debt layer" for trade between China and Europe, citing a new three-year tenge-yuan currency swap.
- Kazakhstan, meanwhile, is deepening its financial ties with China. In May, it sold 3.4 billion yuan, or about $500 million, of three-year government bonds in the country at a 1.9% coupon.