Kazakhstan launches stablecoin Evo on Solana platform in partnership with Mastercard, a strategic move to bridge digital assets and traditional finance.
The Central Bank of Kazakhstan has officially launched the Evo (KZTE) stablecoin project on the Solana blockchain, marking a strategic step in integrating digital assets into the national financial system. The initiative was implemented with the participation of global payment corporation Mastercard, creating a unique model of cooperation between the central bank, blockchain technology and the traditional payment system.
The project is being implemented within the framework of the Digital Assets Legal Sandbox, demonstrating Kazakhstan's serious commitment to building a legal corridor for digital financial products. The Tenge-pegged stablecoin Evo is Peg by the crypto-asset exchange Intebix in collaboration with local bank Eurasian Bank, under the direct supervision of the National Bank of Kazakhstan.
According to Mr. Talgat Dossanov, founder of Intebix, this is the first time a central bank has played an active Vai in issuing stablecoins, setting an important precedent for other countries in applying blockchain technology to the national financial system.
Evo is positioned as a national stablecoin, Peg to Tenge, with the goal of simplifying the conversion between crypto assets and fiat currencies, increasing liquidation on exchanges, and expanding the application of crypto asset card payments. Mastercard's participation is expected to help Evo connect to the global stablecoin network, expanding the scope of acceptance.
National Bank Governor Timur Suleimenov affirmed that the digital era brings both opportunities and challenges, with blockchain and cryptoassets at the center. The implementation of Evo is part of the strategy to build a comprehensive cryptoasset ecosystem, promote innovative financial instruments and elevate Kazakhstan's position on the global technology map.
This move is part of a long-term effort by Kazakhstan. Previously, the Central Asian country became one of the world's largest Bitcoin mining centers (2022), allowed USD Peg stablecoins to be used to pay monitoring fees, and since November 2023 has been testing CBDC - digital tenge.
