Kazakhstan’s central bank is pioneering a new initiative to develop a stablecoin pegged to the Kazakhstani tenge, marking a significant step in the country’s adoption of blockchain and digital assets. Announced as part of its Digital Assets Regulatory Sandbox, the project involves collaboration with Solana and Mastercard, aiming to bridge traditional finance with the burgeoning crypto ecosystem.
The stablecoin, dubbed Evo (KZTE), is issued by local entities Intebix crypto exchange and Eurasian Bank, with the support of Solana’s scalable blockchain technology and Mastercard’s global payment network. The token is designed to facilitate smoother crypto-fiat transactions, expanding the capabilities within Kazakhstan’s digital economy.
Built on the Solana blockchain, KZTE is now operational within the central bank’s regulatory sandbox, providing a controlled environment for testing. Mastercard’s involvement could soon enable the stablecoin to connect with international stablecoin markets, further integrating Kazakhstan’s digital financial infrastructure.
Bridging Crypto and Traditional Finance in Kazakhstan
Market experts describe Evo as a “national stablecoin” that aims to connect crypto innovation with conventional finance channels. Its primary use cases include enhancing crypto-to-fiat conversions, supporting crypto exchanges, and enabling transactions through crypto debit and credit cards.
“This project aligns with the National Bank’s vision of building a comprehensive digital asset ecosystem,” an official statement explained. The initiative underscores a strategic push by Kazakhstan to foster innovative digital tools and support the growth of its digital asset and crypto markets.
Although Intebix and Eurasian Bank are responsible for issuing the Evo stablecoin, the central bank’s role is pivotal—providing the regulatory framework necessary for its development and testing. This marks the first instance of Kazakhstan’s central bank actively participating in stablecoin issuance, signaling a proactive approach to crypto regulation and financial innovation.
Overall, Kazakhstan’s move exemplifies how emerging markets are leveraging blockchain technology and digital assets to modernize their financial systems, offering potential pathways for enhanced crypto adoption and integration into global financial markets.
