Kazakhstan Trials New Stablecoin: Evo (KZTE)
Kazakhstan’s central bank is set to trial a stablecoin, named Evo (KZTE), which will be linked to the country’s national currency, the tenge. This initiative emerges from the National Bank of Kazakhstan as part of its Digital Assets Regulatory Sandbox, with an announcement made on Tuesday.
Collaboration and Technology
The development of KZTE involves collaboration with the Intebix cryptocurrency exchange and Eurasian Bank, while technology support comes from Solana and Mastercard. The stablecoin will operate on the Solana blockchain and is already active within the central bank’s regulatory framework. Intebix’s founder, Talgat Dossanov, indicated that Mastercard would play a crucial role in connecting the KZTE stablecoin with international stablecoin issuers.
Objectives of the Evo (KZTE)
Described as a “national stablecoin,” the Evo (KZTE) aims to bridge the gap between cryptocurrency innovations and traditional financial systems. The KZTE stablecoin will facilitate various functions, such as:
- Enhancing the crypto-fiat exchange system
- Enabling easier cryptocurrency transactions
- Supporting the usage of crypto cards
Strategic Move for Digital Assets
This project signifies a significant strategic move by the National Bank to create a national digital asset ecosystem, promoting next-generation digital tools while advancing the country’s digital asset market initiatives. Though the issuance of the Evo stablecoin is primarily credited to Intebix and the Eurasian Bank, the National Bank’s involvement is critical, as it lays down the regulatory framework to authorize the stablecoin’s issuance and testing.
Dossanov remarked on the unprecedented nature of the central bank’s active role in this stablecoin project.
