Kazakhstan has taken a bold step in digital finance by launching Evo (KZTE), its first national stablecoin pegged to the Kazakhstani tenge (KZT), built on the Solana blockchain with support from Mastercard. Announced on September 23, 2025, by the National Bank of Kazakhstan (NBK) within its Digital Assets Regulatory Sandbox, the stablecoin is issued by local crypto exchange Intebix and Eurasian Bank, aiming to integrate blockchain innovation with traditional finance for faster, transparent transactions. For fintech innovators, crypto enthusiasts, and Central Asian watchers searching Kazakhstan Evo stablecoin, KZTE Solana Mastercard, or national stablecoin launch 2025, this pilot—already live in the sandbox—positions Kazakhstan as a regional leader in regulated digital assets, potentially enabling cross-border payments and financial inclusion while connecting to global stablecoin networks.
The initiative reflects Kazakhstan’s digital transformation strategy, building on its crypto mining hub status and recent Solana Economic Zone.
Evo Stablecoin: Bridging Fiat and Crypto on Solana
Evo (KZTE) is a fiat-collateralized stablecoin designed for stability and scalability, backed 1:1 by tenge reserves held by Eurasian Bank. Built on Solana for its high-speed, low-cost transactions (up to 65,000 TPS), it targets retail users, businesses, and cross-border remittances, with Mastercard facilitating global interoperability.
Key features:
- Peg Mechanism: Fully backed by tenge deposits, ensuring redeemability and stability.
- Use Cases: Everyday payments, remittances, and DeFi integrations, with early adoption via Intebix’s exchange.
- Regulatory Framework: Operates in NBK’s sandbox for testing under supervision, paving the way for full rollout.
National Bank Governor Timur Suleimenov described it as “a cornerstone of Kazakhstan’s digital asset ecosystem,” emphasizing innovation with compliance.
| Feature | Details | Benefits |
|---|---|---|
| Blockchain | Solana | High TPS, Low Fees |
| Peg | 1:1 to KZT (Tenge) | Stability for Local Use |
| Issuers | Intebix & Eurasian Bank | Regulated Custody |
| Global Link | Mastercard Integration | Cross-Border Connectivity |
Partnership Ecosystem: Solana, Mastercard, and Local Players
The launch unites global and local expertise:
- Solana: Provides the underlying blockchain, leveraging its Central Asia ties via the Solana Economic Zone (launched earlier 2025) for developer education and tokenization.
- Mastercard: Connects KZTE to international stablecoin issuers, enabling seamless fiat conversions and payment rails.
- Intebix: Licensed exchange handling issuance and trading; founder Talgat Dossanov highlighted its role in “linking crypto with traditional finance.”
- Eurasian Bank: Manages reserves; CEO Lyazzat Satiyeva noted potential for retail and business applications.
Solana Superteam’s involvement fosters blockchain startups, while the sandbox ensures safe testing.
Broader Context: Kazakhstan’s Digital Asset Ambitions
This launch advances Kazakhstan’s crypto agenda:
- Mining Hub: Already a top global miner (18.3 EH/s capacity), now extending to stablecoins.
- Regulatory Progress: Sandbox framework since 2023; USD-pegged stablecoins accepted earlier.
- Economic Goals: Enhances financial inclusion (40% unbanked) and remittances ($1.3 billion annually).
It complements the digital tenge CBDC pilot and positions Kazakhstan ahead of neighbors like Uzbekistan.
Challenges include volatility risks and global interoperability, but the Mastercard tie-up mitigates this.
Conclusion: Evo’s Stable Step for Kazakhstan’s Crypto Future
Kazakhstan’s Evo stablecoin launch with Solana and Mastercard isn’t just a pilot—it’s a gateway to a tokenized economy, blending local fiat with global rails. Live in the sandbox, it could redefine payments in Central Asia. For those eyeing stablecoin innovations 2025, KZTE’s tenge peg sets a precedent. Will it scale beyond the sandbox? The blockchain’s building.
