The National Bank of Kazakhstan has launched Evo (KZTE), the first tenge-denominated stablecoin on Solana. Partners include Intebix, Eurasian Bank, and Mastercard.
Kazakhstan introduces Evo, the first tenge-denominated stablecoin on Solana
Kazakhstan has taken a big step towards digital assets by launching Evo (KZTE), the first national stablecoin pegged to the local tenge currency.
The project is being implemented within the Regulatory Sandbox of the National Bank of Kazakhstan with the participation of Intebix, Eurasian Bank, Solana, and Mastercard.
Evo as a bridge between TradFi and crypto
KZTE is immediately available in the regulator’s test ecosystem and is positioned as a “national stablecoin” designed to unite traditional finance and the crypto market.
Key applications include:
- expanding the crypto-fiat channel,
- currency exchange and integration on a crypto exchange,
- supporting payments via crypto cards.
“This is the first time that a central bank has taken a proactive role in issuing a stablecoin,” said Intebix founder Talgat Dosanov.
Kazakhstan’s ambitions in digital assets
According to National Bank Chairman Timur Suleimenov, the launch of Evo is part of a strategy to form a national digital economy.
The project fits into Kazakhstan’s broader policy:
- the country is studying the creation of a state crypto reserve by 2026,
- in 2023, a digital tenge (CBDC) was launched, which is already being used to optimize tax processes,
- Kazakhstan remains one of the global leaders in Bitcoin mining (13% of the world hashrate in 2022).
The launch of Evo shows that Kazakhstan is aiming to become a regional hub for digital assets, using Solana and international partners as the foundation for future financial infrastructure.
Related: Kazakhstan’s Fonte Capital Introduces Central Asia’s First Spot Bitcoin ETF
