Kazakhstan launches first stablecoin in tenge on Solana blockchain
Published: 09/23/2025
On September 23, 2025, in Astana, the National Bank of Kazakhstan officially announced the launch of a pilot project to issue the first stablecoin EVO (KZTE), backed by the national currency tenge. The project was implemented within the framework of the National Bank's regulatory sandbox on digital assets and has become an important milestone in the development of the country's financial technologies.
The issuer of the new digital instrument is the Intebix digital asset Exchange, registered at the Astana International Financial Center (AIFC). The key partners of the project are the international blockchain platform Solana, the global payment system Mastercard and the Eurasian Bank.
The importance of the project for the financial market
The launch of a domestic stablecoin in tenge opens up fundamentally new opportunities for integrating the crypto market with traditional financial infrastructure.
- Stablecoin will become the basis for the development of crypto cards and digital payment services, allowing you to pay for goods and services in cryptocurrency with instant conversion into tenge, as well as expand opportunities for fast and convenient cross-border payments.
- The project helps to increase transparency and trust in digital assets: monthly audits will confirm the parity between the volume of tokens issued and the remaining funds in reserve accounts.
Thus, Kazakhstan is taking a step towards creating a full-fledged crypto-fiat ecosystem that connects blockchain industry innovations with payment tools familiar to businesses and citizens.
Kazakhstan in the global stablecoin race
Global practice shows that stablecoins are becoming a strategically important element of the digital economy. Against the background of these initiatives, the emergence of KZTE makes Kazakhstan part of a global trend where national currencies receive digital analogues, and states form their own approaches to regulating new financial instruments.
The prospects
The launch of the tenge stablecoin is an important step towards the digital transformation of Kazakhstan's financial sector. This project demonstrates the country's willingness to integrate into the global digital economy, strengthens the position of the national currency in global settlements and creates the foundation for further innovation.
Kazakhstan secures the status of one of the first states in the region to introduce stablecoins at the national regulatory level.
The emergence of KZTE is not just a technological experiment, but a strategic step towards a future where the boundaries between cryptocurrencies and traditional money are becoming more transparent.