Kazakhstan launches Evo stablecoin built with Solana and Mastercard

Kazakhstan is launching a homegrown stablecoin backed by Solana, Mastercard, and one of the country’s largest banks.

Stablecoin adoption is accelerating globally, and governments are racing to stay ahead of the curve. On Tuesday, Sept. 23, the National Bank of Kazakhstan announced the launch of the stablecoin pilot project under the country’s regulatory sandbox regime, local media reported.

Namely, Kazakhstan launched Evo (KZTE), a stablecoin pegged to its local currency, the tenge, and running on the Solana (SOL) blockchain. Local crypto exchange Intebix was the issuer, while the Kazakh bank Eurasian Bank and Mastercard were key partners in the launch.

National Bank Governor Timur Suleimenov stated that the move was a part of the country’s ongoing efforts in digital transformation. He also outlined the benefits to the country’s banking system.

“We see growing interest in digital currencies and blockchain solutions worldwide. Kazakhstan is also taking a step forward: today, we are launching the first national stablecoin backed by the tenge. This will expand financial opportunities, speed up payments, and improve the security of transfers,” he noted.

Kazakhstan to tap stablecoin for business

Kazakhstan’s local Eurasian Bank will be one of the first banks to start using stablecoin payments. According to Lyazzat Satieva, Chair of the Eurasian Bank’s Management Board, the new technology has potential both for retail users and businesses.

“The launch of the Evo stablecoin symbolizes a new financial Kazakhstan. We are confident that in the coming years, it will become a standard for settlements across key industries. This will speed up payments, make them more convenient and secure, and strengthen trust in the financial system, as the asset is fully backed by the tenge and is supported by the regulator,” she noted.