Kazakhstan’s Central Bank Starts Testing New Stablecoin
Kazakhstan has launched the country’s first tenge-pegged stablecoin, Evo (KZTE), a Solana and Mastercard–based digital currency in an innovative digital financial services (DFS) partnership.
The National Bank of Kazakhstan created a Regulatory Sandbox for testing and innovation of digital assets, and this initiative is part of that sandbox.
Intebix crypto exchange and Eurasian Bank jointly issue the stablecoin, while Mastercard connects them to the global stablecoin network. KZTE is live on Solana, allowing cryptocurrency to merge with traditional financial systems and other blockchain protocols.
National Bank Governor Timur Suleimenov stated:
“Today, we are launching Kazakhstan’s first stablecoin denominated in our national currency, the tenge.”
Connecting Cryptocurrency and Mainstream Finance
The purpose of Evo stablecoin is to enhance the crypto–fiat channel, enabling users to exchange cryptocurrencies smoothly and supporting crypto card transactions. Kazakhstan is taking strategic steps to improve its financial infrastructure and promote financial inclusion.
The National Bank stated:
“This project is part of the National Bank’s strategy to form a national digital asset ecosystem, enabling the development of innovative digital tools and the market of digital assets in Kazakhstan.”
Although the stablecoin is issued by private entities, the National Bank provides regulatory oversight and a legal framework for issuance and testing.
Also Read : UK Financial Regulator Advances Crypto Regulations to Balance Innovation and Safety
A National Goal for Digital Assets
Kazakhstan’s move aligns with its broader digital asset agenda, including:
- Exploring a state-run crypto reserve
- Allowing the use of stablecoins like USDT
- Leading in Bitcoin mining (accounting for 13% of global hashrate by 2022)
- Planning to launch a digital tenge CBDC to streamline VAT reimbursement processing in November 2023
Intebix founder Talgat Dossanov emphasized that Evo is the world’s first central bank–backed stablecoin that merges blockchain technology with budget policies.
Dossanov told Cointelegraph that the National Bank is extending considerable cooperation to become an active player in this emerging digital asset ecosystem.
