Kazakhstan’s Central Bank Partners with Solana and Mastercard to Launch Tenge Stablecoin

Kazakhstan's central bank just made its biggest crypto move yet—teaming with blockchain heavyweight Solana and payments giant Mastercard to launch a national stablecoin.

The Digital Tenge Initiative

This isn't some theoretical experiment. The National Bank of Kazakhstan is building a digital tenge that could reshape how the country handles payments—both domestically and across borders. By choosing Solana's high-speed blockchain infrastructure alongside Mastercard's global payment rails, they're creating a hybrid system that leverages the best of both worlds.

Why This Partnership Matters

Solana brings the speed—processing thousands of transactions per second at fractions of a penny. Mastercard adds the legitimacy and global reach that traditional finance demands. Together, they're creating a stablecoin that might actually get used beyond crypto-native circles.

The Global Stablecoin Race Heats Up

While other countries debate CBDCs, Kazakhstan is taking the stablecoin route—potentially bypassing years of bureaucratic delays. They're not waiting for perfect conditions; they're building with existing technology partners.

What This Means for Crypto Adoption

When central banks start choosing major blockchain platforms over building from scratch, it signals a maturity shift in the industry. Solana beating out competitors for this partnership shows institutional confidence in its technical capabilities.

Of course, traditional bankers will call this reckless—until they start collecting fees from the infrastructure. Some things never change in finance.

Kazakhstan’s crypto market advances with the launch of Evo stablecoin

During its establishment, Kazakhstan’s Evo stablecoin was described as a “national stablecoin” meant to connect cryptocurrency development with traditional finance.

The Evo stablecoin is pegged 1:1 to the Kazakhstani tenge and operates within the National Bank’s Digital Assets Regulatory Sandbox. This sandbox framework allows for controlled testing and development of digital financial products, ensuring regulatory compliance and stability.

Some potential uses for the KZTE stablecoin include widening the crypto-fiat connection, enabling cryptocurrency exchanges, and easing transactions through crypto cards. 

According to the National Bank’s announcement, this project is part of their plan to create a national digital asset system that will encourage the innovation of new digital tools and broaden Kazakhstan’s digital asset market.

Even though Intebix and the Eurasian Bank officially issued the Evo stablecoin, it is worth noting that the National Bank of Kazakhstan plays a significant role in this project by setting up guidelines to be followed during its development and testing.

Concerning the project’s progress, the CEO of Intebix acknowledged that this is the first time in history that a central bank is actively involved in creating a stablecoin.

Kazakhstan embraces the increased adoption of cryptocurrency in the region 

Another significant milestone that Kazakhstan’s financial regulators have embraced concerning stablecoins is allowing individuals to make payments of license and supervision fees using stablecoins pegged to the US dollar.

This announcement was made public after the Astana Financial Services Authority (AFSA), an independent regulator of the Astana International Financial Centre (AIFC), which regulates financial services in Kazakhstan, introduced a project that permitted AIFC members to settle regulatory fees using USD-pegged stablecoins. 

According to the regulator, this project was officially initiated at the Astana Finance Days 2025 local event. They also revealed they had signed a multilateral memorandum of understanding (MMoU) with Bybit, a centralized crypto exchange.

Based on AFSA CEO Evgeniya Bogdanova’s explanation, this initiative is a game-changer as it creates a unique regulatory framework that enhances stablecoin payments in the region. Bogdanova further highlighted that Kazakhstan aims to establish the AIFC as a hub for digital finance.

Meanwhile, when reporters contacted a representative from AFSA for comment on the topic of discussion, the financial regulator declined to respond.

On the other hand, a spokesperson from Bybit stated that companies currently prefer standard methods like bank transfers and wire payments to pay their regulatory fees. The representative added that this is in regular currencies, including the US dollar and the Kazakhstani tenge.

The Evo stablecoin signals a strategic step towards closing the gap between legacy finance and the new digital asset economy. The stablecoin is designed to bring fast and secure digital transactions, promising capabilities on the Solana blockchain.

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