CodeCoin has received pre-application approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to issue stablecoins, a step that could create one of the first regulated bridges between a central bank digital currency (CBDC) and global stablecoin networks. Operations will only begin after final authorization is granted.
Linking Kazakhstan’s CBDC to global stablecoins
Under the preliminary approval, CodeCoin is preparing to connect Kazakhstan’s Digital Tenge with international stablecoin systems inside the country’s regulatory framework. The firm plans to use Kazakhstan as a regional base to build cross-border payment infrastructure linking banks and other financial institutions across Eurasia.
Once fully authorized, CodeCoin will be allowed to offer:
- multi-currency stablecoin conversion
- cross-border payment and settlement services
- integration of these services into trade finance, e-commerce and corporate treasury operations
The company says its model is designed to speed up transfers and reduce foreign exchange costs while staying within strict regulatory rules.
Part of Kazakhstan’s controlled digital finance strategy
The AFSA move fits into Kazakhstan’s broader push to build a tightly governed digital finance ecosystem. In early 2025, the country passed a law stating that only digital assets approved by the central bank can be legally traded.
The Digital Tenge is already live beyond pilot stages, with the central bank supervising transactions. The project aims to increase transparency in areas such as government spending. CodeCoin’s role will be to connect this sovereign digital currency to multi-currency stablecoins, tackling inefficiencies in the traditional correspondent banking system used for international trade payments.
Analysts say final approval for CodeCoin would create a state-sanctioned pathway between conventional financial infrastructure and digital asset networks, in contrast to the lighter regulatory regimes that dominate in some other markets.
Compliance-led global expansion strategy
Chief executive Huang said the company operates under licensed, compliant standards and that the approval in Kazakhstan advances its goal of building a regulated stablecoin network.
CodeCoin plans to seek similar licenses in Southeast Asia, Latin America and the Middle East to expand its cross-border payment infrastructure. The firm aims to automate settlement cycles, reduce handling fees and streamline global remittances and trade-related transactions.
The company’s payment technology grew out of a team originally involved in building WeChat Pay. It has since shifted toward blockchain-based payments to deliver an international settlement layer that links traditional finance with digital assets. Its licensed framework is designed to support digital multi-currency payments for both personal and business use.
Technology built around regulation and security
CodeCoin says every transaction on its platform is recorded using blockchain verification tools aligned with local regulatory requirements. Real-time monitoring is intended to give regulators and counterparties transparency, full traceability and audit access.
A cross-chain bridge architecture sits at the core of the system. It verifies and manages assets across multiple blockchains within a unified structure, enabling faster settlement and tighter cost controls. The firm argues this design also strengthens defenses against financial crime and supports anti–money laundering protocols by keeping fund flows traceable across networks.
Market backdrop: booming cross-border payments and stablecoins
The move comes as cross-border payment volumes and stablecoin usage expand rapidly.
Research cited by the company indicates:
- the global cross-border payment market exceeded $194.6 trillion in 2024 and could reach $320 trillion by 2032, growing about 6–7% annually
- blockchain-based transactions, including stablecoin transfers, reached around $390 billion in 2025, still a small fraction of total payment value but rising quickly
Other industry estimates referenced in the project show:
- the cross-border payments market at approximately $238 billion in 2026, forecast to surpass $336 billion by 2031 in fee and revenue terms
- business-to-business payments projected to grow from $31.6 trillion in 2024 to about $50 trillion by 2032
Within this landscape, Asia-Pacific is expected to post the fastest growth in cross-border payment flows, with a projected compound annual growth rate of 9.16%. This is driven by adoption of real-time payment connections that work around slower legacy banking rails. Kazakhstan’s initiative places it along this high-growth corridor and could position the country as a regional hub for digital trade finance.
At the same time, the stablecoin sector has reached substantial size. Market data show total stablecoin capitalization topping $316 billion in March 2026, with on-chain volumes starting to rival traditional payment systems. Some forecasts suggest that total stablecoin circulation might exceed $1 trillion by the end of 2026, driven by institutional adoption and clearer regulatory regimes similar to the framework taking shape in Kazakhstan.
Global policy trend toward structured regulation
CodeCoin’s licensing push reflects a broader shift among regulators toward defined digital asset rulebooks, rather than ad hoc or laissez-faire approaches.
Europe’s Markets in Crypto-Assets (MiCA) regime, which took full effect at the start of 2025, is a prominent example. It created distinct, supervised categories for digital asset services, aiming to move activity away from purely speculative trading toward reliable payment and settlement infrastructures.
Huang’s team is positioning its network squarely within this trend: a regulated, multi-jurisdictional stablecoin infrastructure that can slot into national frameworks and central bank priorities.
What traders and institutions are watching next
Market participants and financial institutions will now focus on the AFSA’s timing for final authorization. A full license would:
- formalize the first regulated bridge between a live CBDC and global stablecoins
- provide a working blueprint for other countries weighing how to integrate digital assets into existing financial systems
- show how national authorities can balance innovation with financial stability and oversight
If Kazakhstan’s state-supervised corridor proves effective, it may encourage similar models in Southeast Asia, Latin America and the Middle East, where CodeCoin is already exploring regulatory approvals. As more jurisdictions adopt structured frameworks, the competitive edge may shift to platforms that can operate at scale under tight regulatory supervision, rather than outside it.
To understand how CBDCs and regulated stablecoins intersect, explore our guide on central bank digital currencies today.
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