Chiara Bianchi
On September 23, the National Bank of Kazakhstan revealed the pilot of its first-ever national stablecoin, Evo (KZTE). The asset is pegged to the local currency, the Kazakhstani tenge, and operates on the Solana (SOL) blockchain. The project is being launched under the countryโs regulatory sandbox framework to test new financial technologies.
The tokenโs issuance is led by local crypto exchange Intebix, with Eurasian Bank and Mastercard serving as strategic partners in the rollout.
Governor Timur Suleimenov highlighted that the Evo stablecoin reflects Kazakhstanโs push for digital transformation. โWe are embracing global trends in blockchain and digital finance. By introducing a tenge-backed stablecoin, we aim to broaden financial access, accelerate payments, and enhance transaction security,โ he explained.
Banking Sector to Pioneer Stablecoin Adoption
Eurasian Bank will be among the first institutions to process payments using Evo. According to Lyazzat Satieva, Chair of the bankโs Management Board, this innovation marks a milestone for Kazakhstanโs financial ecosystem.
โThe Evo stablecoin represents a new era for Kazakhstanโs economy. We believe it will become a standard for payments across industries, ensuring faster, safer, and more efficient transactions. Because it is fully backed by the tenge and supported by regulators, it also builds trust within the financial system,โ Satieva stated.
Kazakhstanโs Position in the Global Stablecoin Race
The launch of Evo places Kazakhstan among the growing list of nations experimenting with stablecoins to modernize payments and strengthen financial infrastructure. With Solanaโs blockchain efficiency, Mastercardโs global payment expertise, and the support of a major domestic bank, the project could set a precedent for future state-backed digital assets in Central Asia.
