Kazakhstan debuts Evo stablecoin
Kazakhstan has launched its first homegrown stablecoin, Evo (KZTE), pegged to the national currency, the tenge. The pilot project was announced on Tuesday, Sept. 23, by the National Bank of Kazakhstan under its regulatory sandbox regime.
The project brings together key players, including crypto exchange Intebix as the issuer, Eurasian Bank as the banking partner, and Mastercard as a technology provider. The stablecoin operates on the Solana (SOL) blockchain, known for its high transaction speeds and scalability.
A step in Kazakhstan’s digital transformation
National Bank Governor Timur Suleimenov highlighted the initiative as a significant milestone in the country’s digital finance roadmap.
“We see growing interest in digital currencies and blockchain solutions worldwide. Kazakhstan is also taking a step forward: today, we are launching the first national stablecoin backed by the tenge. This will expand financial opportunities, speed up payments, and improve the security of transfers,” Suleimenov said.
Stablecoin adoption in business and retail
Eurasian Bank is set to become one of the first financial institutions in Kazakhstan to use Evo stablecoin in payments. Lyazzat Satieva, Chair of the Eurasian Bank’s Management Board, emphasized its transformative potential.
“The launch of the Evo stablecoin symbolizes a new financial Kazakhstan. We are confident that in the coming years, it will become a standard for settlements across key industries. This will speed up payments, make them more convenient and secure, and strengthen trust in the financial system, as the asset is fully backed by the tenge and is supported by the regulator,” she said.
Kazakhstan joins global stablecoin race
The Evo project places Kazakhstan among the growing number of countries exploring or deploying stablecoins as part of their financial modernization efforts. With Solana, Mastercard, and Eurasian Bank backing, Evo could accelerate digital payments adoption across industries and strengthen Kazakhstan’s position in the global crypto landscape.
