Kazakhstan’s central bank has teamed up with Solana and Mastercard to pilot a new stablecoin, Evo (KZTE), pegged to the Kazakhstani tenge.
The stablecoin is being issued through the Intebix crypto exchange and Eurasian Bank as part of this collaboration. The National Bank of Kazakhstan noted that the project is its latest initiative within the Digital Assets Regulatory Sandbox.
KZTE operates on the Solana blockchain within the central bank’s sandbox. Meanwhile, according to Intebix CEO Talgat Dossanov, Mastercard’s role is to facilitate connections between KZTE and global stablecoin issuers.
Kazakhstan’s crypto market advances with the launch of Evo stablecoin
During its establishment, Kazakhstan’s Evo stablecoin was described as a “national stablecoin” meant to connect cryptocurrency development with traditional finance.
The Evo stablecoin is pegged 1:1 to the Kazakhstani tenge and operates within the National Bank’s Digital Assets Regulatory Sandbox. This sandbox framework allows for controlled testing and development of digital financial products, ensuring regulatory compliance and stability.
Some potential uses for the KZTE stablecoin include widening the crypto-fiat connection, enabling cryptocurrency exchanges, and easing transactions through crypto cards.
According to the National Bank’s announcement, this project is part of their plan to create a national digital asset system that will encourage the innovation of new digital tools and broaden Kazakhstan’s digital asset market.
Even though Intebix and the Eurasian Bank officially issued the Evo stablecoin, it is worth noting that the National Bank of Kazakhstan plays a significant role in this project by setting up guidelines to be followed during its development and testing.
Concerning the project’s progress, the CEO of Intebix acknowledged that this is the first time in history that a central bank is actively involved in creating a stablecoin.
Kazakhstan embraces the increased adoption of cryptocurrency in the region
Another significant milestone that Kazakhstan’s financial regulators have embraced concerning stablecoins is allowing individuals to make payments of license and supervision fees using stablecoins pegged to the US dollar.
This announcement was made public after the Astana Financial Services Authority (AFSA), an independent regulator of the Astana International Financial Centre (AIFC), which regulates financial services in Kazakhstan, introduced a project that permitted AIFC members to settle regulatory fees using USD-pegged stablecoins.
According to the regulator, this project was officially initiated at the Astana Finance Days 2025 local event. They also revealed they had signed a multilateral memorandum of understanding (MMoU) with Bybit, a centralized crypto exchange.
Based on AFSA CEO Evgeniya Bogdanova’s explanation, this initiative is a game-changer as it creates a unique regulatory framework that enhances stablecoin payments in the region. Bogdanova further highlighted that Kazakhstan aims to establish the AIFC as a hub for digital finance.
Meanwhile, when reporters contacted a representative from AFSA for comment on the topic of discussion, the financial regulator declined to respond.
On the other hand, a spokesperson from Bybit stated that companies currently prefer standard methods like bank transfers and wire payments to pay their regulatory fees. The representative added that this is in regular currencies, including the US dollar and the Kazakhstani tenge.
The Evo stablecoin signals a strategic step towards closing the gap between legacy finance and the new digital asset economy. The stablecoin is designed to bring fast and secure digital transactions, promising capabilities on the Solana blockchain.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
Source: https://www.cryptopolitan.com/kazakhstan-launches-tenge-backed-stablecoin/
