Kazakhstan launches Evo stablecoin with Solana and Mastercard
Kazakhstan has officially launched its first national stablecoin, Evo, which is pegged to the tenge and operates on the Solana blockchain network with the involvement of Mastercard. The initiative marks a significant step in bridging the crypto market with traditional financial infrastructure, reports a Kazinform News Agency correspondent.
The Evo stablecoin is technically issued by Intebix and the Eurasian Bank, while the National Bank of Kazakhstan is playing a central role by providing the regulatory framework for its issuance and testing.
“It’s still the first case where the central bank is taking a proactive role in the issuance of the stablecoin,” Intebix co-founder and CEO Didar Dossanov told Cointelegraph.
“Today, we are launching Kazakhstan’s first stablecoin denominated in our national currency, the tenge, within the National Bank’s regulatory sandbox,” National Bank Governor Timur Suleimenov said at the Evo opening event on Tuesday.
Suleimenov stressed that the digital era brings both challenges and opportunities, highlighting the transformative role of digital assets and blockchain. “Digital assets and blockchain technology play a central role in delivering new services, enhancing financial inclusion and driving the country’s overall advancement,” he underlined.
The Evo stablecoin launch is part of Kazakhstan’s broader digital asset agenda, which also includes exploration of a state-run crypto reserve.
In early September, the Astana Financial Services Authority authorized the use of USD-pegged stablecoins, including Tether USDt, for the payment of licensing and supervision fees.
Kazakhstan has also consolidated its position as a major global hub for cryptocurrency mining. According to the 2022 mining hashrate distribution, the country accounted for 13% of global Bitcoin mining.
The stablecoin project complements Kazakhstan’s progress in central bank digital currency (CBDC) development. In November 2023, the National Bank launched the digital tenge, which has already demonstrated practical benefits. According to the Bank’s Chief Digital Officer, the digital tenge has enabled significant improvements in VAT reimbursement processing.
Earlier, Kazinform News Agency reported that Kazakhstan will introduce regulation of digital financial assets under a new banking law, ARDFM Chairperson Madina Abylkassymova told the Majilis while presenting the bill.