The Central Bank of Kazakhstan has partnered with Solana and Mastercard to launch a pilot project for a new stablecoin pegged to the local fiat currency.
According to a statement shared with Cointelegraph on Tuesday, the National Bank of Kazakhstan announced the launch of the stablecoin project within its digital asset regulatory sandbox framework.
The new Evo (KZTE) stablecoin is pegged to the Kazakhstani tenge and is issued by sandbox participants Intebix cryptocurrency exchange and local lending institution Eurasian Bank, with assistance from Solana and Mastercard.
The KZTE, based on the Solana blockchain, has officially gone live within the central bank's regulatory sandbox, and Mastercard will connect KZTE with global stablecoin issuers, Intebix founder Talgat Dossanov told Cointelegraph.
Kazakhstan's Evo stablecoin is described as a "national stablecoin" aimed at bridging cryptocurrency innovation with traditional finance.
Use cases for the KZTE stablecoin include expanding cryptocurrency-fiat channels, supporting cryptocurrency exchanges, and facilitating transactions through cryptocurrency cards.
"The project is part of the National Bank's strategy to build a national digital asset ecosystem, aimed at promoting the development of innovative digital tools and the digital asset market in Kazakhstan," the announcement stated.
While the Evo stablecoin is technically issued by Intebix and Eurasian Bank, the National Bank of Kazakhstan is involved in the project by providing a regulatory framework that allows for its issuance and testing.
"This is still the first case of the central bank taking an active role in stablecoin issuance," Dossanov told Cointelegraph.
"Today, we are launching Kazakhstan's first stablecoin pegged to our national currency, the tenge, within the National Bank's regulatory sandbox," reported National Bank President Timur Suleimenov during the Evo launch event on Tuesday.
Suleimenov emphasized that the digital age brings both challenges and opportunities, with digital assets and blockchain technology playing a core role in providing new services, enhancing financial inclusion, and driving overall national progress.
The launch of Kazakhstan's Evo stablecoin aligns with the country's ambitious digital asset agenda, which includes exploring the concept of a state-operated cryptocurrency reserve.
In early September, the Astana Financial Services Authority of Kazakhstan officially authorized the use of dollar-pegged stablecoin payment licenses and regulatory fees, including Tether USDt.
Kazakhstan has also become a global leader in Bitcoin (BTC) mining, becoming one of the largest BTC mining countries by hash rate distribution in 2022, accounting for 13%.
Kazakhstan has also taken action on central bank digital currency (CBDC), launching the digital tenge in November 2023. This initiative has significantly improved VAT refund processing, the National Bank's Chief Digital Officer stated last year.
Related: Morgan Stanley's E*Trade to launch Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) trading in 2026
Original: “Kazakhstan Central Bank Partners with Solana and Mastercard to Launch Evo (KZTE) Stablecoin”
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