The Evo (KZTE), pegged to the Kazakhstani tenge, was introduced this week under the central bank’s Digital Assets Regulatory Sandbox in partnership with Intebix crypto exchange and Eurasian Bank, with technical support from Solana and Mastercard.

While Intebix and Eurasian Bank are formally issuing the token, the National Bank of Kazakhstan is playing a direct supervisory role, marking one of the first cases where a central bank has taken part in a stablecoin rollout. Governor Timur Suleimenov described the initiative as a milestone in the country’s plan to build a national digital asset ecosystem, highlighting its potential to drive financial inclusion and new services.

The project positions KZTE as a bridge between crypto and traditional finance. Built on the Solana blockchain, the stablecoin can already be used inside the sandbox for crypto-to-fiat transactions, card payments, and exchange integrations. Mastercard plans to link it to broader global stablecoin networks, expanding potential use cases.

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Executives behind the project, including Intebix founder Talgat Dossanov and Eurasian Bank CEO Lyazzat Satiyeva, said the stablecoin could strengthen Kazakhstan’s position as a regional leader in digital assets. The country is already a major Bitcoin mining hub and has recently rolled out its own central bank digital currency, the digital tenge, as part of a broader modernization push.

The Evo launch also aligns with national ambitions to establish a state-backed crypto reserve by 2026. For now, the sandbox deployment offers regulators and institutions a chance to test how a tenge-pegged token might fit into both domestic finance and international payments.

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