Kazakhstan to Launch Evo Stablecoin Backed by Tenge with Solana and Mastercard

Kazakhstan is preparing to launch Evo (KZTE), a new stablecoin pegged to its national currency, the tenge. The project is backed by major partners including Solana, Mastercard, Intebix exchange, Eurasian Bank, and local Web3 builders, signaling the nation’s strong commitment to developing a digital asset ecosystem.

Despite the decline of its once-thriving Bitcoin mining industry, Kazakhstan remains focused on blockchain innovation. The government has already introduced a Bitcoin ETF and announced plans for a crypto reserve. Now, Evo aims to strengthen the country’s digital economy by bridging traditional finance (TradFi) with Web3 technologies.

The stablecoin will be issued on Solana’s blockchain, with Intebix serving as the licensed exchange responsible for distributing KZTE tokens. Mastercard’s involvement ensures integration with digital payments, while local developer group Superteam Kazakhstan supports ecosystem growth. Together, these efforts aim to create more than just a stablecoin — they intend to build a cohesive Web3 infrastructure that encourages adoption among businesses and consumers.

Evo’s introduction could expand Kazakhstan’s crypto-fiat gateway, improve asset exchange, and enable crypto card transactions, bringing more financial activities on-chain. By connecting state institutions, private banks, and global financial networks, Evo has the potential to transform Kazakhstan into a regional Web3 hub.

If successful, this project will not only deliver a national stablecoin but also strengthen the country’s role in the global crypto economy, showcasing how collaboration between governments, private companies, and blockchain ecosystems can foster digital innovation.