TLDR
- Kazakhstan has launched the Evo stablecoin, pegged to the national tenge currency, in collaboration with Solana and Mastercard.
- The stablecoin is issued by Intebix crypto exchange and Eurasian Bank, with Solana providing blockchain support.
- Mastercard will connect the Evo stablecoin with global stablecoin issuers to expand its usage.
- The project is part of Kazakhstan’s strategy to foster a digital asset ecosystem and enhance financial inclusion.
- Kazakhstan’s National Bank plays a proactive role by providing a regulatory framework for the Evo stablecoin’s issuance.
Kazakhstan has launched the Evo stablecoin, pegged to the Kazakhstani tenge, in collaboration with Solana and Mastercard. The project was unveiled as part of the National Bank of Kazakhstan’s Digital Assets Regulatory Sandbox. This launch aims to integrate cryptocurrency with traditional finance and enhance the digital asset ecosystem in Kazakhstan.
Evo Stablecoin Offers Stability with Solana Blockchain
The Evo stablecoin, or KZTE, is designed to connect the crypto world with conventional financial systems. Pegged to the national currency, the tenge, it offers stability for crypto transactions. Intebix, a crypto exchange, and Eurasian Bank, a local lender, issue the coin with support from Solana and Mastercard.
The stablecoin operates on the Solana blockchain, known for its speed and low costs. This partnership with Solana ensures that the Evo stablecoin can handle high transaction volumes efficiently. Mastercard will facilitate the integration of KZTE with global stablecoin issuers, expanding its usability worldwide.
Talgat Dossanov, founder of Intebix, emphasized the project’s importance for Kazakhstan’s digital finance landscape. “The launch of KZTE marks a significant step toward integrating crypto innovation with traditional finance,” he said. With this stablecoin, Kazakhstan aims to build a robust digital asset market that fosters financial inclusion.
Kazakhstan’s Central Bank Takes a Proactive Role
The National Bank of Kazakhstan is closely involved in the Evo stablecoin project. It provides a regulatory framework to ensure the stablecoin’s safe issuance and testing. This is a significant step as it is one of the first times a central bank has taken a direct role in stablecoin issuance.
Governor Timur Suleimenov commented on the launch, calling it a step forward in the country’s digital asset strategy. He stated that digital assets and blockchain technology can enhance financial inclusion. The project also aligns with Kazakhstan’s broader goal of advancing its digital economy.
Kazakhstan’s digital currency initiatives have been gaining momentum. In addition to the Evo stablecoin, the country has launched the digital tenge, a central bank digital currency (CBDC). These efforts highlight Kazakhstan’s ambition to position itself as a leader in the digital finance space.
Kazakhstan Expands Digital Assets with USD Stablecoins
The Evo stablecoin is part of Kazakhstan’s broader effort to modernize its financial infrastructure. It aims to bridge the gap between traditional financial systems and the growing crypto market. The stablecoin’s use cases include facilitating cryptocurrency exchanges and enabling crypto-based payments.
Kazakhstan’s adoption of digital assets also extends beyond Evo. The country recently authorized USD-pegged stablecoins for payments of license fees. This progressive approach reflects Kazakhstan’s commitment to embracing new financial technologies.
With its stablecoin initiative, Kazakhstan is making significant strides in the global digital asset landscape. The collaboration with Solana and Mastercard further strengthens the country’s position as a hub for digital innovation.
