Kazakhstan Central Bank partners with Solana and Mastercard to launch a stablecoin pegged to local fiat currency

ChainCatcher news, according to Cointelegraph, the central bank of Kazakhstan is collaborating with Solana and Mastercard to launch a pilot project for a new stablecoin pegged to the local fiat currency, the Kazakhstani tenge.

According to the statement, the country's National Bank has initiated this project within its digital asset regulatory sandbox framework. The new Evo (KZTE) stablecoin is issued by the sandbox participants, crypto exchange Intebix and Eurasian Bank, with their assistance. The founder of Intebix stated that KZTE is based on the Solana blockchain and has already been launched within the central bank's regulatory sandbox, and Mastercard plans to connect it with global stablecoin issuers.

Kazakhstan's newly launched Evo stablecoin is referred to as a "national stablecoin" and aims to bridge crypto innovation with traditional finance. Its use cases include expanding crypto-fiat channels, enabling exchange, and supporting crypto card transactions. The project is part of the National Bank's strategy to build a digital asset ecosystem. Although it is technically issued by Intebix and Eurasian Bank, the central bank participates through regulatory mechanisms.