Kazakhstan’s Bold Entry Into Stablecoins
Kazakhstan has officially unveiled its first national stablecoin, Evo (KZTE), pegged 1:1 to the Kazakhstani tenge. The pilot project is being launched through a collaboration between the National Bank of Kazakhstan, Solana, Mastercard, Intebix crypto exchange, and Eurasian Bank.
The initiative runs inside the central bank’s Digital Assets Regulatory Sandbox, allowing authorities to test the stablecoin under controlled conditions. According to Intebix CEO Talgat Dossanov, Mastercard’s role is crucial in “facilitating connections between KZTE and global stablecoin issuers.”
This marks a historic moment as Kazakhstan becomes one of the few countries where the central bank is directly involved in stablecoin creation and development.
Evo Stablecoin Bridges Crypto and Finance
The Evo stablecoin is being described as a “national stablecoin” designed to strengthen the link between crypto innovation and traditional financial infrastructure.
Potential use cases for Evo include:
- Enabling faster crypto-fiat connections
- Supporting crypto exchange transactions
- Facilitating payments via crypto cards
The National Bank highlighted that Evo forms part of its strategy to build a national digital asset system, boosting financial innovation while ensuring regulatory stability.
According to Dossanov, this is the first time in history that a central bank has actively co-developed a stablecoin project alongside private institutions.
Kazakhstan Expands Stablecoin Adoption
Kazakhstan’s regulators are not stopping at Evo. The Astana Financial Services Authority (AFSA) recently announced that companies operating in the Astana International Financial Centre (AIFC) can now pay license and supervision fees in USD-pegged stablecoins.
The initiative was officially introduced during Astana Finance Days 2025, where AFSA signed a multilateral memorandum of understanding (MMoU) with Bybit, one of the leading centralized crypto exchanges.
While AFSA declined further comment, Bybit acknowledged that companies currently prefer bank transfers and wire payments in fiat currencies like USD and KZT. However, stablecoin-based fee payments are expected to gain traction as the regulatory framework matures.
Solana Blockchain Powers Evo
Evo is built on the Solana blockchain, offering speed, scalability, and security for transactions. The choice of Solana signals Kazakhstan’s ambition to make Evo suitable for both domestic payments and cross-border transactions.
Officials argue that Evo will bring fast, low-cost, and secure transfers, narrowing the gap between legacy finance and the digital economy.
A Strategic Step for Kazakhstan’s Digital Future
With Evo, Kazakhstan is positioning itself as a regional leader in digital finance, combining stablecoin regulation, blockchain innovation, and global partnerships.
By leveraging Mastercard’s global network and Solana’s blockchain, the country is betting that Evo will help establish Kazakhstan as a hub for digital assets in Central Asia, while offering a safer, regulated gateway for citizens and businesses into the crypto economy.
