Kazakhstan launches Solana-based stablecoin Evo with Mastercard support

Key points:

• The new Evo (KZTE) stablecoin, backed by the tenge, was launched under the supervision of the National Bank of Kazakhstan.
• The project was implemented with the participation of the Intebix crypto exchange, Eurasian Bank, Solana, and Mastercard.
• Evo will serve as a bridge between cryptocurrencies and traditional finance, including exchanges and crypto cards.

The National Bank of Kazakhstan has announced the launch of a pilot project to issue the national stablecoin Evo (KZTE). The token is pegged to the tenge and was created to unite the crypto market with the traditional financial system.

The project was implemented under the supervision of the National Bank of Kazakhstan with the participation of the Intebix cryptocurrency exchange, Eurasian Bank, and technology partners Solana and Mastercard.

How Evo was created

According to Intebix founder Talgat Dossanov, the KZTE cryptocurrency was issued on the Solana blockchain and immediately launched in a regulated environment under the supervision of the National Bank.

Mastercard plans to integrate Evo into its global network of stablecoin issuers, which will allow KZTE to be used for international transactions and expand its liquidity.

The National Bank has provided a legal framework that has made it possible to issue and test stablecoins in real-world conditions. Although the technical launch was carried out by Intebix and Eurasian Bank, the role of the regulator is key.

What is Evo for?

The developers call Evo a “national stablecoin” that is supposed to connect the crypto market and the traditional finance (TradFi) sector.

Among the stated scenarios for its use are:

• expanding exchange channels between cryptocurrency and the tenge;
• supporting transactions using crypto cards;
• increasing the accessibility of cryptocurrency payments for the population and businesses.

Timur Suleimenov, the Governor of the National Bank of Kazakhstan, noted that the launch of Evo was an important step in the digital transformation of the financial system:

“Today, we are launching Kazakhstan’s first stablecoin denominated in our national currency, the tenge, within the National Bank’s regulatory sandbox. The modern world is undergoing an era of digital transformation, which brings challenges, but most importantly, a huge number of opportunities. Digital assets and blockchain technologies occupy a special place here.”

Kazakhstan’s President Kassym-Jomart Tokayev previously proposed creating a state fund for digital assets to form a strategic crypto reserve. He also instructed to expand the use of the digital tenge to the republican and local budgets and to develop a program of investments in high-tech sectors of the economy.