The Central Bank of Kazakhstan has just made a big splash in the cryptocurrency community when it announced a partnership with Solana and Mastercard to test the issuance of a new stablecoin tied to the local currency tenge (KZT). This stablecoin is called Evo (KZTE) and is developed within the framework of the “sandbox” – a testing environment for digital asset management deployed by the National Bank of Kazakhstan.
According to the latest information, the KZTE project is issued by two units, the Intebix cryptocurrency exchange and Eurasian Bank, with technological support from Solana and payment solutions from Mastercard. Notably, Mastercard is expected to connect KZTE with global stablecoin issuers, opening up the possibility of using this digital currency in the international payment network.
Evo stablecoin is described as a “national stablecoin” that is not only for domestic testing but also aims to bridge traditional finance and modern blockchain technology. Some potential applications include:
Expanding the crypto-to-fiat conversion channel.
Supports crypto-to-card transactions, allowing users to spend cryptocurrencies more easily via bank card systems.
Increase liquidation for legally operating exchanges in Kazakhstan.
It is noteworthy that although KZTE is issued by private financial institutions, the Central Bank of Kazakhstan plays a supervisory and regulatory Vai , ensuring that the project complies with the legal framework being built for the national digital asset ecosystem. This is XEM a strategic step, as many countries around the world are also promoting the issuance of stablecoins or central bank digital currencies (CBDC).
