Kazakhstan Launches Evo Stablecoin Backed by Tenge with Solana and Mastercard

Kazakhstan’s central bank has rolled out the Evo stablecoin, pegged to the tenge, in partnership with Solana and Mastercard.

Evo Stablecoin Pilot

The National Bank of Kazakhstan unveiled Evo (KZTE) inside its Digital Assets Regulatory Sandbox. Issued by Intebix exchange and Eurasian Bank, the stablecoin runs on Solana. Mastercard will connect KZTE with global stablecoin issuers.

Linking Crypto and TradFi

The Evo coin is described as a national stablecoin. Its role is to bridge digital assets with traditional banking. It can expand crypto-to-fiat channels, power crypto card payments, and strengthen exchange liquidity.

Central Bank Involvement

While Intebix and Eurasian Bank issue Evo, the central bank provides a regulatory framework. Officials say this is the first case where the regulator plays an active role in launching a stablecoin.

First National Stablecoin

Governor Timur Suleimenov called Evo Kazakhstan’s first stablecoin, highlighting blockchain’s role in boosting inclusion and financial innovation. The country already authorized USD-pegged stablecoins for payments and leads globally in Bitcoin mining. It is also building its own CBDC, the digital tenge.