Kazakhstan's approach to stablecoins seeks to transform financial accessibility across the region

Kazakhstan has introduced Evo (KZTE), its inaugural stablecoin tied 1:1 to the tenge, the national currency, and overseen by the National Bank of Kazakhstan. Announced on September 23, 2025, this pilot initiative operates within the central bank’s regulatory sandbox and seeks to connect conventional financial systems with the digital asset sector. The stablecoin is distributed by local organizations Intebix crypto exchange and Eurasian Bank, utilizing Solana’s blockchain to ensure rapid and cost-effective transactions.

is working to incorporate KZTE into international payment networks, which could support cross-border transactions and improve system compatibility.

Governor Timur Suleimenov highlighted that this move fits within Kazakhstan’s comprehensive digital finance agenda, which also saw the rollout of the digital tenge CBDC in 2023 and the recent authorization of USD-backed stablecoins for regulatory payments. The project demonstrates Kazakhstan’s goal to become a regional frontrunner in blockchain technology, building on its established reputation as a major

mining center. The stablecoin is designed to promote financial accessibility, allowing for seamless conversion between crypto and fiat, crypto-enabled card payments, and broader access to digital financial tools.

Evo’s technical foundation is built on Solana’s blockchain, chosen for its ability to scale and operate efficiently. Mastercard’s participation goes beyond technical aspects, aiming to link KZTE with global stablecoin ecosystems and payment platforms. This partnership may encourage wider use, especially for international payments, where Solana’s network and Mastercard’s expertise could streamline processes. The National Bank of Kazakhstan is also actively developing the legal and regulatory environment for digital assets, maintaining oversight while encouraging innovation within the sandbox framework.

The introduction of Evo marks a pivotal change in Kazakhstan’s digital finance strategy. By adopting blockchain into its economic infrastructure, the nation aims to update its financial systems and reduce reliance on traditional exports. The stablecoin supports ongoing projects like the digital tenge and the upcoming National Digital Asset Fund, which will hold Bitcoin and other cryptocurrencies as a hedge against fiat currency fluctuations. These initiatives are part of a three-year roadmap for complete digital transformation, backed by new laws to open up digital markets and broaden blockchain use cases.

This project has attracted attention for its potential as a blueprint for other developing economies. Unlike most stablecoin pilots, Kazakhstan’s effort features direct involvement from the central bank and collaboration with international financial players. According to Intebix founder Talgat Dossanov, this is the first instance of the National Bank taking an active part in stablecoin issuance, reflecting a balanced approach between innovation and regulation. Experts believe that combining Solana’s technology with Mastercard’s global reach could make KZTE a practical solution for blockchain applications beyond just mining.

Kazakhstan’s digital asset sector is expanding further, with plans to establish a $1 billion State Digital Asset Fund and develop “CryptoCity” in Alatau. This dedicated economic zone is set to become a center for blockchain development, smart city solutions, and crypto-based payments. The government’s efforts to digitize public services, including using the digital tenge for government spending, highlight its dedication to using blockchain for economic progress. These strategies are in line with global movements, as countries such as Brazil, Indonesia, and Ukraine pursue similar paths to diversify reserves and adopt digital assets.

The launch of the Evo stablecoin marks a significant step in Kazakhstan’s journey toward digital modernization, blending technological advancement with regulatory insight. By linking the stablecoin to the tenge and connecting it to international payment systems, Kazakhstan is addressing issues of financial inclusion and cross-border payment efficiency. As the initiative develops, its outcomes could serve as a reference for other countries aiming to balance innovation with oversight, further establishing Kazakhstan as a leader in Central Asia’s digital finance sector.

Source: [1] Kazakhstan Launches Evo Stablecoin with

, Mastercard