Key Highlights
- Kazakhstan launches a new stablecoin pegged to the tenge
- Evo KZTE links crypto with traditional finance
- Mastercard supports cross-border stablecoin adoption
Kazakhstan Launches Evo KZTE Stablecoin to Bridge Crypto and Traditional Finance
Kazakhstan has unveiled a pilot version of its national digital currency, Evo (KZTE), pegged to the local currency, the tenge. The stablecoin is issued through a partnership between crypto exchange Intebix and Eurasian Bank, supported by Mastercard and built on the Solana blockchain. The launch marks a major step in integrating cryptocurrencies into the country’s financial ecosystem.
How Evo KZTE Aims to Transform Finance
KZTE was immediately launched within the central bank's regulatory sandbox, a controlled environment that allows innovation while ensuring compliance. Intebix founder Talgat Dossanov highlighted that Mastercard plans to link KZTE with global stablecoin networks, enhancing cross-border usability.
The project is designed to act as a bridge between the crypto market and traditional finance. Key applications include:
- Crypto-fiat transactions for seamless trading
- Purchase and exchange of cryptocurrencies
- Payments using crypto cards for everyday transactions
The National Bank of Kazakhstan sees the stablecoin as a cornerstone of the country’s digital transformation, reinforcing its ambition to build a robust national digital asset ecosystem.
Strategic Moves for Kazakhstan’s Crypto Future
President Kassym-Jomart Tokayev has previously ordered the creation of a state digital asset fund, aiming to establish a strategic crypto reserve of the most stable and widely used cryptocurrencies. The fund will be based at the National Bank's Investment Corporation and is expected to strengthen the country’s financial resilience while promoting innovation.
Kazakhstan’s move could make it one of the leading nations in the integration of regulated crypto solutions into mainstream finance.
