The National Bank of Kazakhstan has launched the tenge-backed stablecoin KZTE.
The National Bank of Kazakhstan in cooperation with Solana and Mastercard launched a pilot project with a new stablecoin pegged to local fiat currency.
Today we are launching the first one in Kazakhstan stablecoin, denominated in our national currency, the tenge, within the National Bank’s regulatory sandbox,» said National Bank CEO Timur Suleimenov during the stablecoin’s launch.
New stablecoin Evo (KZTE) is pegged to the Kazakhstani tenge and issued by sandbox participant cryptocurrency exchange Intebix and local lender Eurasian Bank with the support of Solana and Mastercard.
Issued on the blockchain Solana KZTE will immediately begin operating in the central bank’s regulatory sandbox, and Mastercard plans to connect KZTE to global stablecoin issuers, said Intebix founder Talgat Dosanov.
Despite the fact that technically stablecoin Evo is produced by Intebix and Eurasian Bank, and the National Bank of Kazakhstan is participating in the project, providing the regulatory framework for its release and testing.
This project is part of the National Bank’s strategy to create a national digital asset ecosystem, implement innovative digital tools, and develop Kazakhstan’s digital asset market, the National Bank said in a statement.
The launch of the Evo stablecoin is part of the Kazakh government’s ambitious plan to create a cryptocurrency hub in the country.
