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- Kazakhstan launches Evo stablecoin on Solana with Mastercard and local banks for regulatory testing.
- Evo is pegged 1:1 against the Kazakhstani tenge, and is intended to bridge crypto and fiat trading and transactions.
Kazakhstan, in partnership with Solana and Mastercard, has launched Evo (KZTE), a stablecoin that is pegged to the Kazakhstani tenge. The initiative developed with Intebix crypto exchange and Eurasian Bank represents an important step in connecting traditional finance and blockchain infrastructure.
BREAKING: The National Bank of Kazakhstan has launched the first tenge-backed KZTE stablecoin on Solana, in partnership with Mastercard, Intebix, and Eurasian Bank 🇰🇿🪙 pic.twitter.com/TTJD1be4cY
— Solana (@solana) September 23, 2025
The National Bank of Kazakhstan has confirmed that Evo is in its Digital Assets Regulatory Sandbox. The framework enables the experimental trial of financial products with close control over the products, which is stable and adheres to requirements.
Evo is tied to the tenge 1:1 and is set to simplify digital payments. The role of Mastercard is to facilitate a network of connectivity worldwide by connecting Evo to other market leaders among stablecoin issuers. Talgat Dossanov, the CEO of Intebix, said that the pilot is the first time that a central bank has been directly involved in launching a stablecoin.
Stablecoin integration in Kazakhstan’s financial market
Kazakhstan has been steadily increasing the application of stablecoins in regulations. Recently, the Astana Financial Services Authority (AFSA), which regulates activities in the Astana International Financial Centre (AIFC), approved deploying USD-pegged stablecoins to pay license and supervision fees.
The project was launched at the Astana Finance Days 2025. AFS signed a multilateral memorandum of understanding with Bybit to serve the program. The CEO of AFSA, Evgeniya Bogdanova, emphasized that the framework reinforces Kazakhstan’s intentions to become a digital finance center.
These efforts are reinforced with the integration of crypto-fiat bridged by the introduction of Evo. It will likely contribute to the realization of card-based transactions, payment of the exchange, and the extension of the utility of stablecoins in this area. According to the officials of the National Bank, the project is a contributor to the establishment of a national digital asset ecosystem that prompts the generation of tokenized tools and services.
Kazakhstan has established itself as a global leader in crypto and blockchain. The country is already a significant participant in the production and distribution of digital assets, as its share of the overall world Bitcoin mining hash in 2022 was 13%.
In November 2023, the National Bank also introduced a central bank digital currency (CBDC), the digital tenge. According to the officials, efficiency in processes like VAT reimbursement was being realized post-implementation. The Evo pilot is based on it, focusing on the combination of both the state-backed and the private blockchain solutions.
Solana Blockchain Adoption Meets Market Headwinds
The Evo stablecoin is Solana-based, which reflects the preference of the country of Kazakhstan for scalable networks that can offer fast settlement and low fees. Solana’s infrastructure is efficient for stablecoin issuance, but recent market conditions are hard on its native token. As of Wednesday, Solana (SOL) is trading at $210, down over 10% for the week.
On-chain data from Santiment indicates that daily active addresses on the Solana chain have been gradually declining since June; at present, they are 2.43 million. A decrease in user activity indicates decreased demand for blockchain services.
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