Kazakhstan launches KZTE stablecoin with Solana and Mastercard
Kazakhstan’s central bank has officially unveiled a stablecoin pilot pegged to the local tenge (KZTE) in partnership with Solana and Mastercard.
The Evo stablecoin, issued by Intebix crypto exchange and Eurasian Bank, is now live within the National Bank of Kazakhstan’s Digital Assets Regulatory Sandbox, reports Cointelegraph.
Mastercard’s role will be to integrate KZTE with global stablecoin issuers, while Solana provides the blockchain infrastructure. According to Intebix founder Talgat Dossanov, this is the first time the central bank has taken such an active role in stablecoin issuance. Officials describe the token as a “national stablecoin” aimed at bridging traditional finance with digital innovation.
Evo stablecoin designed to expand digital finance
The Evo stablecoin has been developed as part of Kazakhstan’s strategy to build a national digital asset ecosystem. Use cases include expanding crypto-to-fiat channels, supporting crypto exchanges, and enabling payments via crypto-linked cards. By offering regulatory oversight, the National Bank allows the testing and circulation of KZTE while maintaining safeguards for consumers.
Governor Timur Suleimenov highlighted that blockchain and digital assets could drive financial inclusion and create new services in the digital economy. He called the launch an important milestone in modernizing Kazakhstan’s financial system and strengthening its role in digital innovation.
Part of broader digital asset strategy
Kazakhstan’s Evo pilot builds on the country’s wider digital asset agenda, including plans for a national crypto reserve and further regulatory clarity by 2026. In September, the Astana Financial Services Authority authorized the use of USD-pegged stablecoins like Tether (USDT) for fee payments. The country is also a global leader in Bitcoin mining, ranking among the top contributors to global hashrate in 2022 with a 13% share.
Additionally, Kazakhstan rolled out its central bank digital currency, the digital tenge, in late 2023, improving systems such as VAT reimbursement. With Evo, Kazakhstan moves one step closer to combining stablecoins, CBDCs, and blockchain-powered infrastructure under a unified digital finance framework.
Recently we wrote that the Solana Foundation announced a Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development, Innovation, and Aerospace (MDAI) to establish a special blockchain economic zone.
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