Evo (KZTE) stablecoin aims to bridge traditional finance with crypto innovation
The National Bank of Kazakhstan has unveiled a pilot project to issue a tenge-backed stablecoin, developed in collaboration with Solana and Mastercard, marking a major step toward integrating blockchain with the country’s financial system.
Evo stablecoin debuts under regulatory sandbox
The new Evo (KZTE) stablecoin is pegged 1:1 to the Kazakhstani tenge and has been launched under the central bank’s Digital Assets Regulatory Sandbox. The project is spearheaded by Intebix crypto exchange and Eurasian Bank, with Solana providing blockchain infrastructure and Mastercard facilitating global connectivity.
“KZTE will serve as a bridge between Kazakhstan’s fiat currency and the digital asset ecosystem,” said Intebix founder Talgat Dossanov, highlighting Mastercard’s role in linking the stablecoin with global issuers and payment networks.
National stablecoin to expand crypto-fiat channels
The Evo stablecoin is described as a “national stablecoin” designed to expand the crypto-fiat channel and enable more seamless transactions. Key use cases include:
- Crypto exchange settlement
- Cross-border payments
- Integration with crypto cards
Officials noted the initiative aligns with Kazakhstan’s strategy to foster innovative digital tools and support the growth of its domestic digital asset market.
Strategic role for Solana and Mastercard
By choosing Solana, known for its high-speed and low-cost blockchain infrastructure, the central bank is targeting efficiency and scalability. Mastercard’s involvement adds credibility and enhances the stablecoin’s potential reach by connecting it to traditional financial rails.
A financial analyst commented, “This project reflects a broader trend where governments are experimenting with national stablecoins to balance regulatory oversight with innovation. Kazakhstan’s partnership with both Solana and Mastercard could accelerate institutional adoption.”
While Evo is currently restricted to Kazakhstan’s regulatory sandbox, the central bank is expected to evaluate its performance before considering a broader rollout. If successful, KZTE could become one of the first government-backed stablecoins to gain international traction.
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