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Key Takeaways
Evo stablecoin pegged to the tenge – Kazakhstan introduced Evo (KZTE), a fiat-backed digital currency built on Solana.
Backed by major partners—Mastercard, Intebix, and Eurasian Bank—the project is in the national regulatory sandbox.
Bridges TradFi and crypto – Evo aims to boost payments, crypto-fiat exchange, and financial inclusion in Kazakhstan.
Kazakhstan’s central bank has initiated a pilot program for a new stablecoin, tied to the national currency, in partnership with Solana and Mastercard.
Overview
Kazakhstan has officially introduced its first national stablecoin, Evo (ticker: KZTE), pegged 1:1 to its national currency, the tenge, under the supervision of the National Bank of Kazakhstan. During the EVO opening event on September 23 2025, National Bank Governor Timur Suleimenov said,
“Today, we are launching Kazakhstan’s first stablecoin denominated in our national currency, the tenge, within the National Bank’s regulatory sandbox.”
Evo is issued by local entities — crypto exchange Intebix and Eurasian Bank — and operates within the country’s Digital Assets Regulatory Sandbox, which allows for controlled development and testing of digital asset innovations. The coin is built on the Solana blockchain, which was chosen for its high throughput and low transaction costs. Mastercard is involved in helping to integrate Evo with global stablecoin issuers and the broader payment infrastructure, potentially facilitating cross-border usage.
The announcement noted,
“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.”
Purpose, Use Cases, and Regulatory Role
The purpose of Evo is to bridge the gap between the traditional finance system (“TradFi”) and the crypto ecosystem in Kazakhstan. It aims to enable:
- Better crypto-fiat exchange channels.
- Support for payments via crypto-linked cards.
- Increased financial inclusion by offering new, digital payment methods.
While Evo is not directly issued by the central bank, the National Bank of Kazakhstan plays a proactive regulatory role, providing oversight, a legal framework, and facilitating the pilot phase.
Strategic Fit and Broader Implications
Evo fits into a wider roadmap in Kazakhstan’s digital finance strategy:
- It complements the digital tenge, the country’s central bank digital currency (CBDC), launched in November 2023.
- Earlier this year, the country approved using USD-pegged stablecoins (e.g., USDT) for specific regulatory fees.
- It leverages Kazakhstan’s existing strengths in blockchain adoption, including its role as a significant global Bitcoin (BTC) mining hub.
Internationally, participation by Solana and Mastercard could help KZTE’s interoperability and credibility. Solana offers scalable infrastructure; Mastercard can act as a bridge to global payment and stablecoin networks.