Kazakhstan is set to embark on an ambitious cryptocurrency journey with the planned launch of “Evo,” a new stablecoin designed to be pegged to the national currency, the Tenge. This initiative is backed by prominent partners, including Solana, Mastercard, and various local organizations, aiming to foster a thriving local Web3 industry.
Having established itself as an international hub for Bitcoin mining in previous years, Kazakhstan continues to express strong interest in the cryptocurrency sector. Although the mining activity has significantly diminished, the government remains keenly focused on Web3 developments, having already initiated a Bitcoin exchange-traded fund (ETF) and announced plans for a Crypto Reserve this year.
Local media outlets have reported on the government’s intentions to create its own stablecoin, Evo (KZTE), which is expected to serve as a more stable digital alternative following earlier attempts to launch a Tenge-based central bank digital currency (CBDC) that did not materialize.
Tamar Menteshashvili, Solana’s Head of Stablecoins, has shed light on the project’s broader goals, which include building a robust local Web3 ecosystem. The KZTE stablecoin will be issued on the Solana blockchain, in collaboration with several strategic partners. Intebix, a licensed cryptocurrency exchange, is set to issue the KZTE tokens, while Mastercard is enhancing its presence in the Web3 space as a key collaborator.
Additionally, the initiative involves local builders from the Solana ecosystem who are working to foster connections between founders and projects, ultimately contributing to a more dynamic local economy. The participation of the Eurasian Bank, one of Kazakhstan’s leading financial institutions, underscores the serious commitment from both state and private sectors to create a comprehensive crypto ecosystem.
The objectives extend beyond merely introducing a stablecoin; the participants aim to expand the crypto-fiat gateway, facilitate the exchange of digital assets, and support transactions through crypto cards. This multifaceted approach positions Evo as a potential bridge between traditional finance (TradFi) and Web3, highlighting the solid commitment from state institutions, major banks, and international credit card companies in this endeavor.
Overall, the launch of Evo symbolizes Kazakhstan’s proactive approach in the evolving digital currency landscape, with an emphasis on building an integrated Web3 framework that can ultimately transform the nation’s financial ecosystem.
