The Central Bank of Kazakhstan Launches a National Stablecoin with Solana

Little by little, Kazakhstan has built a cozy nest in the crypto industry. There were rocky beginnings: unclear regulations, international mistrust, uncertainties about stability. But times have changed. The mindsets of leaders too. Today, the country does not just follow; it innovates. The launch of Evo (KZTE), the first national stablecoin pegged to the tenge, powered by Solana and integrated thanks to Mastercard, embodies this turning point. Blockchain, financial inclusion, public-private partnership: these are the new key words of an ambitious and pragmatic crypto strategy.

When the Central Bank Moves from Regulator to Institutional Builder

The Evo stablecoin marks an unprecedented step in the traditional role of a central bank. Led by the National Bank of Kazakhstan, this project does not just oversee innovation – it drives it from its regulatory sandbox. The partners are Intebix (crypto exchange) and Eurasian Bank. The National Bank provides the legal framework that allows the issuance and testing of the KZTE, backed by the tenge.

According to Talgat Dossanov, founder of Intebix: ” This is still the first case where the central bank plays a proactive role in stablecoin issuance “.

Governor Timur Suleimenov stated:

Today, we launch, within the National Bank’s regulatory sandbox format, the first Kazakh stablecoin, denominated in our national currency, the tenge. The modern world is experiencing a period of digital transformation, which comes with challenges but, above all, an immense number of opportunities. Digital assets and blockchain technologies hold a special place here. They open new perspectives for the development of financial services, the improvement of financial inclusion, the creation of innovative products, and, overall, the advancement of our country

This shift from the shadows to center stage signals a new governance pact. Kazakhstan no longer just authorizes crypto-activity: it directs, structures, and integrates it into its national monetary ambitions. This institutionalization reassures. It balances innovation and sovereignty.

Solana, Mastercard, and the Technological Bet of a Crypto-Friendly Stablecoin

Choosing Solana to host Evo is no accident. This blockchain is fast, inexpensive, and optimized for scalability. It adapts to micropayments and daily use, for both individuals and businesses. An ideal base for a stablecoin with a national, even transnational, vocation.

Mastercard, for its part, opens connections with other stablecoin issuers. This strategy makes Evo compatible with global payment standards. A lever for mass adoption, without bypassing banks.

Five Key Benchmarks

• 13%: global share of Bitcoin hashrate attributed to Kazakhstan in 2022.
• 1:1: parity of the Evo stablecoin with the Kazakh tenge.
• Solana: the blockchain chosen for its speed and energy efficiency.
• Sandbox: regulatory zone allowing experimentation without excessive constraints.
• November 2023: official launch of the digital tenge (CBDC).

This technological duo acts as a backbone for the country’s digital ecosystem. By aligning crypto and banking infrastructure, Kazakhstan demonstrates that a state can shape its own trajectory in decentralized finance without compromising stability or sovereignty.

At the beginning of September, Kazakhstan officially announced the creation of a national crypto reserve. This announcement perfectly complements the Evo stablecoin strategy. The country no longer bets timidly on the sector: it engages with method. Like other wise nations before it, it seems determined to turn this trial into a model.