Kazakhstan has officially stepped into the stablecoin market with the launch of Evo (KZTE), a digital asset pegged to the national currency, the Tenge. The move represents a major milestone for the country’s digital finance sector, marking the first stablecoin directly supported by the Central Bank of Kazakhstan under a regulated framework.
A Collaborative Effort With Global Partners
Evo is being rolled out through a joint initiative between Intebix, a leading crypto trading platform, and Eurasian Bank. The project is further strengthened by partnerships with Solana, which provides the blockchain infrastructure, and Mastercard, which will connect Evo to international stablecoin issuers and global payment networks.
According to Intebix founder T. Dossanov, the partnership highlights how Kazakhstan is blending local financial expertise with international blockchain and payments technology. “This is a key milestone for Kazakhstan’s digital economy,” Dossanov stated, underscoring the project’s potential to elevate the country’s standing in the global digital finance ecosystem.
The Central Bank’s Active Role
Unlike many stablecoin projects spearheaded by private companies, Kazakhstan’s central bank is directly involved. While it is not issuing Evo itself, it has established the legal and operational framework that governs its use. This proactive stance, officials say, balances the need for innovation with robust regulatory oversight.
Dossanov noted that this is the first time a central bank has played such an active role in a stablecoin project, a move that could set a precedent for other nations exploring similar initiatives.
Real-World Applications and Purpose
Evo aims to build a bridge between digital assets and traditional financial systems. Its primary applications include expanding the crypto-to-fiat channel, enabling more efficient exchange processes, and supporting transactions through crypto-linked cards.
Businesses, fintech firms, and consumers will be able to benefit from direct payment capabilities, reducing friction in financial interactions. The initiative is also expected to drive blockchain-based innovation that could allow Kazakhstan to compete more effectively on a global scale.
A National Milestone
At the launch, National Bank Governor Timur Suleimenov described Evo as “Kazakhstan’s first stablecoin denominated in our national currency.” He highlighted the potential of blockchain to improve financial inclusion, strengthen payment systems, and boost economic growth.
However, Suleimenov stressed the importance of balancing technological advancement with regulatory stability, noting that the Evo pilot program would be used to test both the technology and the safeguards needed to protect consumers.
Part of a Broader Digital Strategy
The Evo stablecoin launch comes as part of Kazakhstan’s wider digital finance strategy. In 2023, the nation introduced its central bank digital currency (CBDC), the digital Tenge, which streamlined processes such as VAT reimbursements. Earlier this year, authorities also approved the use of USD-pegged stablecoins like Tether (USDT) for regulatory fee payments.
Kazakhstan is already a major global player in Bitcoin mining, accounting for roughly 13% of worldwide mining power. With the debut of Evo on Solana, the country is now signaling its intent to extend its influence beyond mining and into the rapidly evolving stablecoin and digital asset markets.