Kazakhstan is entering the digital finance by launching a new stablecoin backed by its national currency, the tenge. The project, called Evo (KZTE), is being introduced as part of the National Bank of Kazakhstan’s Digital Assets Regulatory Sandbox.
The pilot project is a joint initiative between local players Intebix crypto exchange and Eurasian Bank, supported by Solana and Mastercard. It aims to establish a bridge between cryptocurrency and traditional finance in the Central Asian nation.
Evo is pegged to the Kazakhstani tenge
According to officials, Evo is pegged to the Kazakhstani tenge and already lives within the regulatory sandbox. Mastercard is tasked with creating global linkages for the stablecoin.
“It’s still the first case where the central bank is taking a proactive role in the issuance of the stablecoin,” Intebix founder Talgat Dossanov told Cointelegraph, pointing to the unique role of the National Bank of Kazakhstan (NBK) in providing oversight and support.
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The stablecoin has been branded as a national stablecoin with practical use cases, including expanding the crypto-fiat channel, enabling digital asset exchanges, and powering crypto-linked card payments.
They say the initiative fits into NBK’s larger strategy of creating a digital asset ecosystem that encourages innovation and regulated adoption of blockchain tools.
“The project is part of the National Bank’s strategy to build a national digital asset ecosystem, fostering innovative digital tools and the development of Kazakhstan’s digital asset market,” the announcement read.
Meanwhile, the stablecoin project follows its experiment with crypto cards, which were rolled out in partnership with Mastercard and Intebix.
Eurasian Bank introduced the country’s first cryptocurrency-linked payment cards early this month. These cards allow holders to spend digital assets such as tether (USDT) and other stablecoins by converting them into tenge at the point of sale.
The cards were issued in pilot mode. They have a daily spending limit of $1,000, a modest 1 per cent transaction fee, and integration into payment systems like Mastercard and Apple Pay.
Noting the importance of this development, Lyazzat Satieva, Chair of the Board of Eurasian Bank, remarked:
“Cryptocurrencies are no longer an exotic thing for enthusiasts but are becoming part of the financial ecosystem – with real products, regulation and infrastructure.”
Mastercard’s regional chief, Sanzhar Zhamalov, echoed this sentiment, noting that “such innovations will contribute to the development of the economy and the expansion of the audience for modern financial instruments.”
Kazakhstan’s emerging crypto strategy
Kazakhstan first gained global attention in the digital asset space when it became a hub for crypto mining firms relocating after China’s Bitcoin ban.
Since then, the country has pursued a regulatory-first approach, introducing taxation rules for miners and licensing requirements for exchanges operating under the Astana International Financial Centre (AIFC).
The Evo stablecoin and crypto card initiatives illustrate Kazakhstan’s attempts to expand beyond mining into consumer-focused digital finance.
To them, Evo represents more than just a blockchain experiment—it is a step toward embedding crypto into everyday payments and financial services.
With Solana’s infrastructure ensuring scalability and Mastercard providing global connections, the stablecoin is designed to operate locally and internationally.
“The bridge between the crypto world and everyday payments is being built right here in Kazakhstan,” said Satieva, emphasising that banks respond to real customer demand rather than trends.