Kazakhstan Launches Local Stablecoin, Evo, Backed by Solana, Mastercard, and Eurasian Bank
The National Bank of Kazakhstan has unveiled a stablecoin pilot project, dubbed Evo (Knt), which is pegged to the local currency, the Tenge, and operates on the Solana (Sol) blockchain. The local crypto exchange Intebix is the issuer, while the Eurasian bank and Mastercard are key partners in this initiative. This move is part of Kazakhstan’s regulatory sandbox and digital transformation strategy, aiming to test the potential of stablecoins in redesigning payments for both consumers and companies.
Global Acceptance of Stablecoins on the Rise
The acceptance of stablecoins is accelerating worldwide, with governments scrambling to stay ahead of the curve. Kazakhstan’s introduction of Evo (Knt) is a significant step in this direction. According to Timur Suleimenov, the Governor of the National Bank, this move is part of the country’s ongoing efforts in digital transformation, which will bring advantages to the country’s banking system. “We see a growing interest in digital currencies and blockchain solutions worldwide. Kazakhstan also takes one step forward: Today we start the first National StableCoin supported by the Tenge,” he stated.
Partnership and Benefits
The Eurasian bank in Kazakhstan will be one of the first banks to utilize stablecoin payments. Lyazzat Satieva, Chairman of the Management Board of Eurasian Bank, believes that the new technology has potential for both retail users and companies. “The introduction of the Evo StableCoin symbolizes a new financial Kazakhstan. We are confident that it will be a standard for settlements in the most important industries in the coming years. This will speed up the payments, make them more convenient and secure and strengthen trust in the financial system, since the advantage is fully supported and determined by the regulator,” she explained.
Conclusion and Future Prospects
Kazakhstan’s launch of the Evo stablecoin is a notable development in the country’s digital transformation journey. With the support of Solana, Mastercard, and the Eurasian bank, this initiative has the potential to revolutionize payments in Kazakhstan. As the global acceptance of stablecoins continues to grow, it will be interesting to see how this project evolves and its impact on the country’s financial system. For more information, visit https://crypto.news/kazakhstan-evo-stablecoin-built-solana-and-mastercard/
