Kazakhstan is taking a significant step into the future of digital finance by launching a pilot project for a new stablecoin pegged to its local fiat currency, the tenge. This initiative is a collaboration between the National Bank of Kazakhstan, crypto exchange Intebix, local lender Eurasian Bank, Solana, and Mastercard.

The new stablecoin, named Evo (KZTE), is built on the Solana blockchain and is immediately live within the central bank's Digital Assets Regulatory Sandbox. Intebix and Eurasian Bank are the issuers of the stablecoin, while the National Bank of Kazakhstan is participating by providing a regulatory regime to allow for its issuance and testing. Mastercard is set to connect KZTE with global stablecoin issuers, according to Intebix founder Talgat Dossanov.

The Evo stablecoin is described as a "national stablecoin" designed to bridge the gap between crypto innovation and traditional finance. Its use cases include expanding the crypto-fiat channel, enabling cryptocurrency exchange, and supporting transactions through crypto cards.

The National Bank of Kazakhstan views this project as part of its strategy to build a national digital asset ecosystem, foster innovative digital tools, and develop Kazakhstan's digital asset market. Timur Suleimenov, governor of the National Bank, emphasized that digital assets and blockchain technology play a central role in delivering new services, improving financial inclusion, and driving the country's overall advancement.

Kazakhstan's move towards digital finance also includes a USD-pegged stablecoin payment system for regulatory fees through the Astana International Financial Centre (AIFC). This system, facilitated by licensed exchanges, reduces transaction costs and delays while enhancing transparency in cross-border operations. The National Bank of Kazakhstan estimates that this system could cut processing times for licensing and supervision fees by up to 40%.

The country has also launched a digital tenge and a regulatory sandbox for Digital Financial Assets (DFAs), partnering with Mastercard and Solana to bridge fiat-crypto ecosystems. These initiatives have attracted significant investment, with the AIFC drawing $2.6 billion in the first half of 2025.

Furthermore, Kazakhstan is developing the Solana Economic Zone (SEZ KZ), a blockchain hub modeled after Dubai's DMCC. This initiative aims to incubate Web3 startups, attract international crypto firms, and develop tokenized finance solutions. Kazakhstan is also participating in a cross-border CBDC pilot with the UAE and GCC nations.

These strategic initiatives highlight Kazakhstan's ambition to become a Central Asian crypto hub, balancing innovation with regulatory oversight. The central bank is taking a proactive role in the issuance and testing of the stablecoin. The regulatory sandbox approach aims to reduce legal uncertainties while fostering innovation. This is evident in the launch of the country's first crypto cards, developed in partnership with Mastercard and Intebix, which enable users to spend stablecoins like USDT at traditional terminals, converting them to Kazakhstani tenge at the point of payment.