A Central Bank Driven Stablecoin Innovation

Kazakhstan has taken a historic step toward merging national currency with blockchain technology. Partnering with Solana and Mastercard, the country has launched Evo (KZTE), the first stablecoin pegged to the Kazakhstani tenge—a bold experiment positioning the central bank at the heart of the crypto revolution.

Unlike past experiments led mainly by private firms, Evo is being rolled out under the direct oversight of the National Bank of Kazakhstan.

The pilot is housed within the bank’s Digital Assets Regulatory Sandbox, marking the first time the central bank is proactively steering stablecoin issuance rather than merely regulating it from the sidelines.

The initiative brings together major players—crypto exchange Intebix, Eurasian Bank, Solana developers, and Mastercard—but it is the National Bank that sets the rules, provides the legal framework, and ultimately determines the project’s trajectory

Kazakhstan’s move from the sidelines to the forefront marks a new governance pact. The nation isn’t merely permitting crypto activity anymore—it’s steering, structuring, and embedding it within its broader monetary vision. This institutional embrace offers reassurance, striking a balance between innovation and national sovereignty.

Timur Suleimenov stated:

"Today, we launched, within the National Bank's regulatory sandbox format, the first stablecoin, denominated in our national currency the tenge. The modern world is experiencing a period of digital transformation, which comes with challenges but, above all, an immense number of opportunities. Digital assets and blockchain technologies hold a special place here. They open new perspectives on the development of financial services, the improvement of financial inclusion, the creation of innovative products, and overall, the advancement of our country."

Evo as a “National Stablecoin”

Backed 1:1 by the tenge, Evo is designed to function as a national stablecoin. Within the sandbox, it will be tested for multiple use cases, including expanding crypto-to-fiat channels, powering card-based payments, and enabling frictionless swaps between digital and traditional currencies.

National Bank Governor Timur Suleimenov called the launch “a new era for Kazakhstan’s digital asset market,” stressing blockchain’s potential to modernize financial services and promote inclusion.

Evo’s debut isn’t an isolated experiment—it fits squarely into Kazakhstan’s wider ambition to build a comprehensive national digital asset ecosystem. Plans are already underway for a state-backed crypto reserve and new legislation by 2026.

The country's choice to release the stablecoin on Solana is also deliberate. Known for speed, low costs, and scalability, Solana is built for real-world payments—from everyday transactions to business use. That makes it a natural fit for a stablecoin designed with national, and potentially transnational, ambitions.

Meanwhile, Mastercard adds the missing piece: global interoperability. By linking Evo with existing stablecoin networks and payment rails, Mastercard ensures compatibility with international standards—driving mass adoption while keeping banks firmly in the loop.

The move comes as Kazakhstan cements its role in the global crypto economy. The country accounted for 13% of the world’s Bitcoin hashrate in 2022, while its digital tenge (CBDC) pilot has already streamlined taxation and reimbursement systems.

Earlier this year, Kazakhstan even approved the use of USD-pegged stablecoins like Tether’s USDT for paying licensing fees.

Central Banks Can’t Afford to Sit on the Sidelines

Kazakhstan’s Evo stablecoin isn’t just a test—it’s a warning shot for global finance. By anchoring its fiat currency directly to the blockchain, Kazakhstan is proving that stablecoins don’t have to be speculative experiments run by private firms; they can be nation-backed instruments with regulatory teeth.

The takeaway is clear: central banks that embrace innovation will shape the rails of tomorrow’s financial system, while those that hesitate risk ceding ground to foreign rivals and tech giants. Evo may be just a pilot today, but it signals the future—one where national currencies and blockchain aren’t competitors, but partners.