Kazakhstan's Stablecoin Strategy Aims to Redefine Regional Financial Inclusion

Kazakhstan has launched its first stablecoin, Evo (KZTE), pegged 1:1 to the national currency, the tenge, under the supervision of the National Bank of Kazakhstan. The pilot project, announced on September 23, 2025, is part of the central bank’s regulatory sandbox and aims to bridge traditional finance with the crypto ecosystem. The stablecoin is issued by local entities Intebix crypto exchange and Eurasian Bank, leveraging Solana’s blockchain for high-speed, low-cost transactions. Mastercard is collaborating to integrate KZTE into global payment systems, potentially enabling cross-border usage and enhancing interoperability.

Governor Timur Suleimenov emphasized that the initiative aligns with Kazakhstan’s broader digital finance strategy, which includes the 2023 launch of the digital tenge central bank digital currency (CBDC) and the recent approval of USD-pegged stablecoins for regulatory fees. The project underscores the country’s ambition to position itself as a regional leader in blockchain innovation, building on its existing strengths as a significant Bitcoin mining hub. The stablecoin’s design prioritizes financial inclusion, enabling crypto-fiat conversions, crypto-linked card payments, and access to digital financial services for a broader population.

The technical infrastructure of Evo is anchored in Solana’s blockchain, chosen for its scalability and efficiency. Mastercard’s involvement extends beyond technical integration, aiming to connect KZTE with global stablecoin networks and payment systems. This collaboration could facilitate broader adoption, particularly in cross-border transactions, where Solana’s infrastructure and Mastercard’s payment expertise could reduce friction. Additionally, the National Bank of Kazakhstan is actively shaping the legal and regulatory framework for digital assets, ensuring oversight while fostering innovation within the sandbox environment.

Evo’s launch reflects a strategic shift in Kazakhstan’s approach to digital finance. By integrating blockchain technology into its economic framework, the country seeks to modernize its financial systems and diversify away from traditional commodity exports. The stablecoin complements existing initiatives, such as the digital tenge and the planned National Digital Asset Fund, which will hold Bitcoin and other cryptocurrencies to hedge against fiat volatility. These efforts are part of a three-year plan to achieve full digitalization, supported by new legislation to liberalize digital markets and expand blockchain applications.

The project has drawn attention for its potential to serve as a model for emerging markets. Unlike typical stablecoin pilots, Kazakhstan’s initiative involves direct central bank supervision and collaboration with global financial institutions. This approach, as noted by Intebix founder Talgat Dossanov, marks the first time the National Bank has taken an active role in stablecoin issuance, signaling a pragmatic blend of innovation and regulatory control. Analysts suggest that the integration of Solana’s infrastructure and Mastercard’s global reach could position KZTE as a scalable solution for real-world blockchain applications beyond mining.

Kazakhstan’s broader crypto ecosystem is also expanding, with plans for a $1 billion State Digital Asset Fund and the development of “CryptoCity” in Alatau. This special economic zone aims to become a hub for blockchain innovation, smart city technologies, and crypto-based payments. The government’s push to digitize public services, including the use of the digital tenge for budgetary projects, underscores its commitment to leveraging blockchain for economic modernization. These initiatives align with global trends, as countries like Brazil, Indonesia, and Ukraine explore similar strategies to diversify national reserves and adopt digital assets.

The Evo stablecoin represents a milestone in Kazakhstan’s digital transformation, combining technological innovation with regulatory foresight. By anchoring the stablecoin to the tenge and integrating it with global payment systems, the country is addressing challenges of financial inclusion and cross-border transaction efficiency. As the project progresses, its success could influence other nations seeking to balance innovation with oversight, reinforcing Kazakhstan’s role as a pioneer in Central Asia’s digital finance landscape.

Source: [1] Kazakhstan Launches Evo Stablecoin with Solana, Mastercard (https://www.coininsider.com/news/2025/09/kazakhstan-launches-evo-stablecoin-with-solana-mastercard/) [2] Kazakhstan launches its first tenge-backed stablecoin (https://en.tengrinews.kz/finance/kazakhstan-launches-its-first-tenge-backed-stablecoin-269542/) [3] Solana and Mastercard Power Kazakhstan’s First Tenge Stablecoin (https://coinlaw.io/kazakhstan-evo-stablecoin-solana-mastercard/) [8] $1B Crypto Reserve + CryptoCity: Kazakhstan’s Bold 2025 Plan (https://www.fxleaders.com/news/2025/09/09/1b-crypto-reserve-cryptocity-kazakhstans-bold-2025-plan/)