Kazakhstan’s central bank has launched a pilot project for Evo (KZTE), a stablecoin pegged to the national currency, the tenge.
The Evo (KZTE) initiative aims to drive financial digitalization while also enabling integration with global payment systems. Built on the Solana blockchain, the project is being developed in partnership with local financial institutions and supported by Mastercard to ensure both domestic and international usability.
During the pilot phase, Evo (KZTE) is being tested with Intebix and Eurasian Bank. Leveraging Solana’s high transaction throughput, the stablecoin is designed to provide fast and low-cost transfers. Mastercard’s involvement positions KZTE not only as a domestic digital currency but also as a potential tool for cross-border payments.
Analysts suggest that Kazakhstan’s move could serve as a model for other nations exploring stablecoins and decentralized finance. If successful, the pilot is expected to accelerate the country’s financial digital transformation.
