Etherfuse cleared one gate, not the whole stack: Kazakhstan registers DFA platforms with the National Bank, but assigns turnover of non-stablecoin DFAs to the financial-market regulator (https://nationalbank.kz/en/news/informacionnye-soobshcheniya/19193). Since Stablebonds tokenize sovereign debt rather than payment stablecoins, KZT DeFi liquidity lands inside that two-regulator perimeter created on May 1, 2026.

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