Kazakhstan Pilots Tenge-backed Stablecoin With Solana and Mastercard

Kazakhstan has unveiled its first stablecoin tied to the national currency, a move that positions the country at the forefront of digital finance innovation in Central Asia.

The token, called Evo (KZTE), is pegged to the Kazakhstani tenge and is being tested inside the central bank’s Digital Assets Regulatory Sandbox.

Unlike earlier experiments elsewhere, the project isn’t just a private-sector initiative. It is being issued jointly by Intebix crypto exchange and Eurasian Bank, with direct regulatory participation from the National Bank of Kazakhstan. This signals an unusual level of central bank engagement in stablecoin development.

Global partnerships for a local currency

The initiative is backed by Solana, which supplies the blockchain infrastructure, while Mastercard is responsible for connecting Evo to international payment networks. Together, these partners aim to create a currency bridge that lets the tenge move as easily as digital dollars do today.

Planned uses include faster crypto-to-fiat conversions, supporting exchange transactions, and enabling blockchain-linked payment cards. According to Intebix founder Talgat Dossanov, it marks one of the first times a central bank has stepped in not just as regulator but as active collaborator in a stablecoin rollout.

Digital ambition for Kazakhstan

National Bank Governor Timur Suleimenov described the pilot as part of a long-term strategy to build a “national digital asset ecosystem.” His remarks framed blockchain and digital finance as tools to expand financial inclusion and modernize the country’s financial infrastructure.

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Kazakhstan has already made headlines as a major hub for cryptocurrency mining, thanks to its energy resources and favorable regulations. The Evo launch signals an evolution of that strategy: from mining-heavy activity toward building consumer-facing digital financial products.

What comes next

For now, Evo remains in pilot mode inside the sandbox. Its future will depend on adoption by banks, regulators, and payment providers, as well as consumer trust in the technology. But if successful, the tenge-backed token could open the door to wider use of digital tenge in payments, trade, and cross-border transactions.

By bringing together local banks, Solana’s blockchain, and Mastercard’s global reach, Kazakhstan has taken a bold step toward fusing traditional finance with digital assets. If the project scales, it may become a model for other emerging economies looking to anchor their currencies in the digital age.

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