National Bank expert: Demand for tenge-backed stablecoin set to climb
Demand for the tenge-backed stablecoin will only increase in the near future, according to Bakyt Smekenov, an Innovation Expert at the National Bank of the Republic of Kazakhstan, speaking on Kazinform News Agency's BIZDIÑ ORTA podcast.
According to Smekenov, the stablecoin pegged to Kazakhstan's national currency is an important and promising financial instrument.
"If we talk about its key features, the main difference is that it is backed by the national currency, that is, the tenge. This stablecoin is currently used in the domestic cryptocurrency market as a means of payment for digital asset transactions. In the future, it will also find application in international settlements, within cross-border payment schemes. Therefore, we can expect a significant increase in demand for this financial instrument," the expert noted.
Bakyt Smekenov emphasized that these initiatives expand the Kazakhstani tenge's applicability beyond the country's borders through transnational financial transactions.
"The National Bank is currently launching a tenge-backed stablecoin within its regulated pilot platform. We don't rule out the possibility of other types in the future, such as gold-backed stablecoins," he added, noting they are ready to give careful consideration to similar projects from startups.
Kazinform reported earlier that Kazakhstan 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.
