Kazakhstan Launches Stablecoin Project in Partnership with Solana and Mastercard

Kazakhstan has taken a significant step toward integrating digital assets with traditional finance, unveiling a pilot stablecoin project backed by its national currency, the tenge.

The country’s central bank announced that the new Evo (KZTE) stablecoin will operate inside its official Digital Assets Regulatory Sandbox.

The initiative is a joint effort between the National Bank of Kazakhstan, local cryptocurrency exchange Intebix, and Eurasian Bank, with technical support from Solana and global payments giant Mastercard.

A “National Stablecoin”

Unlike privately issued tokens, the Evo coin is being launched under direct oversight of Kazakhstan’s central bank, a first for the nation’s financial system. Intebix founder Talgat Dossanov described Evo as a “national stablecoin,” designed to link the country’s growing crypto market with mainstream banking.

Built on the Solana blockchain, the KZTE token is pegged one-to-one to the Kazakhstani tenge, according to Cointelegraph. Mastercard’s role will be to help integrate the token with international stablecoin issuers and enable smooth transactions between crypto and traditional payment networks.

Bridging Crypto and Traditional Finance

The Evo stablecoin aims to simplify crypto-to-fiat exchange, support payments through crypto cards, and expand Kazakhstan’s digital asset infrastructure. Officials say the project aligns with the National Bank’s broader strategy to foster a domestic digital-asset ecosystem and encourage innovation across financial services.

While issuance is handled by Intebix and Eurasian Bank, the central bank is actively providing the regulatory framework needed for real-world testing, underscoring its hands-on approach to digital currency development.