Kazakhstan Debuts Evo Stablecoin Backed by Tenge on Solana

The National Bank of Kazakhstan has launched its first tenge-backed stablecoin pilot, developed with Intebix, Eurasian Bank, Solana, and Mastercard.

Kazakhstan has officially entered the stablecoin race with the launch of Evo (KZTE), a digital asset pegged to the local tenge currency. The project, unveiled on September 23 within the country’s Digital Assets Regulatory Sandbox, marks a milestone in Kazakhstan’s ambition to position itself as a regional hub for blockchain innovation and financial technology.

Evo Stablecoin Pilot Goes Live

The National Bank of Kazakhstan (NBK) announced the Evo stablecoin pilot in partnership with several key players: the Intebix crypto exchange, Eurasian Bank, Solana Foundation, and Mastercard. The asset is issued by Intebix and Eurasian Bank, while Mastercard will integrate the stablecoin into global payment networks and connect it with other stablecoin issuers.

KZTE runs on the Solana blockchain, providing high-speed, low-cost transactions. Within the NBK’s sandbox, it will be tested for real-world use cases, including:

• Facilitating conversions between cryptocurrency and fiat
• Enabling payments via crypto-linked cards
• Supporting Kazakhstan’s growing digital finance ecosystem

According to the NBK, the Evo project is a key component of its broader digital assets strategy: “The project is part of the National Bank’s strategy to build a national digital asset ecosystem, fostering innovative digital tools and the development of Kazakhstan’s digital asset market.”

Read more: What Are Stablecoins and Their Role in Modern Finance

A First for Kazakhstan

The launch of Evo represents the first tenge-backed stablecoin introduced under the central bank’s oversight. While the token is issued by private institutions, the NBK is taking an active role by providing a regulatory framework that allows its testing and issuance.

Intebix founder Talgat Dossanov highlighted the significance of the initiative: “It’s still the first case where the central bank is taking a proactive role in the issuance of the stablecoin.”

NBK Chairman Timur Suleimenov emphasized the broader impact during the launch announcement:

“Today we are launching Kazakhstan’s first stablecoin, denominated in our national currency – the tenge. The modern world is undergoing a digital transformation that brings both challenges and opportunities. Digital assets and blockchain technologies play a special role here, opening up new prospects for developing financial services, increasing inclusion, and creating innovative products.”

Stablecoin in National Strategy

The Evo pilot aligns with Kazakhstan’s larger digital asset agenda, which aims to integrate blockchain into mainstream finance while fostering innovation. Some of the country’s recent milestones include:

• Bitcoin Mining Hub: By 2022, Kazakhstan accounted for 13% of the global Bitcoin hashrate, becoming one of the world’s top Bitcoin mining countries.
• CBDC Development: The digital tenge was launched in November 2023, with applications already improving processes such as VAT reimbursement.
• Crypto Payments Sandbox: The Astana Financial Services Authority (AFSA) recently authorized USD-pegged stablecoins, including Tether (USDT), for paying regulatory fees.
• CryptoCity Initiative: As we reported in May 2025, Kazakhstan revealed plans for CryptoCity, a regulated zone where cryptocurrencies can be used for daily transactions such as dining and real estate purchases.

These steps underscore the government’s dual approach: balancing regulatory oversight with support for market-driven innovation.

Bridging Traditional and Digital Finance

The Evo stablecoin is being described as a “national stablecoin” — a tool meant to link traditional financial institutions with the rapidly evolving crypto economy. By leveraging Solana’s blockchain infrastructure and Mastercard’s payment rails, Evo aims to create seamless pathways between banks, exchanges, and consumers.

In practice, this could enable:

• Faster, cheaper cross-border payments using a stablecoin tied to the tenge
• Crypto card integration, allowing everyday purchases through Mastercard’s global network
• Improved liquidity for local exchanges through stable fiat-to-crypto channels

For Kazakhstan, the project also provides a controlled testing ground for policies that may eventually extend to a full-scale national rollout.

Looking Ahead

Kazakhstan’s Evo stablecoin comes at a time when governments worldwide are evaluating how stablecoins and central bank digital currencies can reshape financial systems. The country’s approach—combining private issuance with central bank involvement—may offer a model for emerging economies seeking to balance innovation with financial stability.

By linking local institutions with global partners such as Solana and Mastercard, Kazakhstan is not just experimenting with digital money but positioning itself within the global stablecoin ecosystem.

As the Evo pilot unfolds, its success could influence how Kazakhstan integrates blockchain into its economy, from retail payments to institutional finance. With the digital tenge already underway and new initiatives like CryptoCity on the horizon, Kazakhstan’s fintech landscape is rapidly evolving, offering a glimpse into how national stablecoins may coexist with CBDCs in the years ahead.

In this context, the launch of Evo is more than just a technical pilot — it is a strategic step toward redefining financial inclusion, innovation, and the country’s place in the global digital economy.