Kazakhstan’s central bank is launching a pilot project to issue a stablecoin pegged to the local currency, the tenge, in partnership with Solana and Mastercard. The new Evo (KZTE) stablecoin is designed to function as a national stablecoin, bridging the crypto market with traditional finance. The initiative is part of the Digital Assets Regulatory Sandbox established by the National Bank of Kazakhstan, which aims to foster innovation in digital assets. Intebix crypto exchange and Eurasian Bank are responsible for issuing the KZTE stablecoin, while Mastercard will facilitate connections with global stablecoin issuers. This pilot project marks a proactive approach by the central bank in stablecoin issuance, allowing it to test and regulate the stablecoin within the legal framework. The goals include enhancing the crypto-fiat channel and enabling cryptocurrency exchange and transactions via crypto cards, reinforcing the National Bank’s strategy to build a digital asset ecosystem in Kazakhstan.

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