Kazakhstan Taps Solana and Mastercard to Launch Evo Stablecoin

Kazakhstan has launched the Evo (KZTE) stablecoin, a digital currency linked to the Kazakhstan tenge (KZT). According to the announcement, Kazakhstan is collaborating with Solana and Mastercard.

Benefits of Evo Stablecoin Launch

The Evo stablecoin is built on the Solana blockchain, known for fast and low-cost transactions. It aims to provide a secure and clear way to handle digital tenge. Notably, the stablecoin project will help link Kazakhstan’s traditional banks with the global decentralized finance (DeFi) system.

The National Bank of Kazakhstan announced that the Evo stablecoin is part of its financial sandbox program. It is co-issued by Intebix crypto exchange and Eurasian Bank, ensuring it meets local financial regulations. Furthermore, this stablecoin connects directly to Mastercard’s global payment system.

Soon, Evo stablecoin users will be able to make everyday purchases with Evo cards that work with Mastercard. This will enable individuals to use crypto assets without stress. Additionally, this development reflects Kazakhstan’s goal to become a regional leader in digital finance and blockchain technology.

Solana Signs MoU With Kazakhstan

Some months ago, Solana signed a Memorandum of Understanding (MoU) with Kazakhstan to launch a Solana Economic Zone. As reported by TheCoinRise, the project will tokenize capital markets and talent development. The partnership is also designed to bring Kazakhstan closer to its digitization goal alongside many of its counterparts.

It is worth noting that the Solana Economic Zone Kazakhstan (SEZ KZ) is Central Asia’s first blockchain economic zone. The newly launched initiative will attract international Web3 companies by providing regulatory support and access to infrastructure.

The project also aligns with the country’s broader efforts to achieve digital transformation and economic diversification through emerging technologies.

Kazakhstan Pushes Boundaries With Blockchain Technology

In May, the Kazakhstan government attempted to address its power issues using digital assets. To this end, it proposed a “70/30” model to use crypto mining to improve its power grid system. For more context on this plan, foreign investors’ funds will be used to offset the cost of the upgrades.

Thereafter, 30% of the new energy will be used for cryptocurrency mining, while 70% will be invested in the national power grid. Interestingly, Kazakhstan’s increasing interest in crypto and blockchain technology comes at a time when regions like Nebraska are cracking down on cry[pto kiosks and ATMs.

The reason for the crackdown was the risk of fraud. Rather than follow suit, Kazakhstan is pushing its boundaries and establishing new rules that could make crypto more accessible in its region.