Emre Yumlu 
Kazakhstan is stepping into the world of digital currencies with the launch of its first stablecoin project, Evo (KZTE). Pegged to the national currency, the tenge, this new asset is built on the Solana blockchain and supported by Mastercard, aiming to strengthen the bridge between digital finance and traditional banking.
Pilot Launch Under Regulatory Oversight for Stablecoin
The National Bank of Kazakhstan has initiated the pilot phase of the Evo stablecoin within its Digital Assets Regulatory Sandbox. The project is being driven by Intebix, a local crypto exchange, and Eurasian Bank, one of the country’s established financial institutions. While Solana provides the blockchain infrastructure, Mastercard’s involvement ensures that KZTE can be connected to global stablecoin networks and payment solutions.
Evo’s Role: Merging Crypto with Traditional Finance
Evo is described as a “national stablecoin”, designed not only to mirror the value of the tenge but also to introduce practical use cases in the economy. Some of the key applications include:
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Expanding the fiat-to-crypto conversion channel,
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Facilitating crypto trading and settlements,
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Enabling payments through crypto-backed cards.
This initiative aligns with Kazakhstan’s broader vision of building a modern digital asset ecosystem and fostering innovation in the financial sector.
A First for Central Bank Participation
Although Evo is officially issued by Intebix and Eurasian Bank, the National Bank of Kazakhstan plays an active role by providing the regulatory framework for testing and adoption.
According to Talgat Dossanov, the founder of Intebix, this marks one of the first cases where a central bank is directly engaged in the issuance and pilot of a stablecoin — a step that highlights Kazakhstan’s progressive approach to digital finance.
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