Another country surprises the world with its first official stablecoin: this is how it will work on the Solana blockchain.

Kazakhstan announced the recent launch of Evo, its first official stablecoin backed by the local currency, the tenge, powered by Solana.

Backed by the tenge and issued by private entities under the direct supervision of the National Bank of Kazakhstan, this new national stablecoin represents a key advancement in the adoption and regulation of digital assets in Central Asia.

As an initiative that combines the active participation of private entities and state support, Evo It operates within a rigorous regulatory framework and utilizes Solana's blockchain technology, known for its speed and low cost. In turn, Mastercard's integration into the ecosystem guarantees this stablecoin's connectivity with global payment networks, facilitating its commercial adoption and increasing transaction capacity in the domestic market.

Its launch is part of a broader policy aimed at modernizing the Kazakh financial sector, promoting digital inclusion, and strengthening the tokenized asset market, consolidating Kazakhstan's position as a regional leader in digital finance.

Evo promotes financial innovation in Kazakhstan

The National Bank of Kazakhstan has been the main driving force behind the development of Evo, establishing a regulatory sandbox that allows for controlled experimentation with new financial technologies. This supervised innovation space provides guarantees to both users and the entities involved, ensuring a safe and transparent environment.

Evo works like a stablecoin pegged to the tenge, which means that its value remains stable against the local currency, facilitating its acceptance in everyday transactions and commercial acts. The choice of Solana for your technological infrastructure responds to its efficient architecture that facilitates fast, low-commission operations, two critical factors for scalability and mass adoption.

For its part, the partnership with Mastercard adds a strategic layer that makes Evo an effective global payments tool, allowing users to use the stablecoin to make card purchases at merchants both inside and outside Kazakhstan. This connection brings digital assets closer to a traditional yet admittedly innovative financial experience.

The project also includes the participation of prominent local players such as the Eurasian Bank, highlighting the convergence between conventional financial systems and new digital opportunities.

En words by Timur Suleimenov, Governor of the National Bank, "Evo represents a significant step in our country's digital transformation. We are basing this commitment on blockchain technology and digital assets, essential pillars for Kazakhstan's economic and social development." 

The expansion of sovereign digital currencies in Asia

Evo is not an isolated project in Central Asia, but rather part of a broader movement being driven by several countries in the region to develop their own digital currencies. A significant example is South Korea, where he throwing of KRW1, a stablecoin backed by the South Korean won and built on the blockchain Avalanche, has caught the attention of experts and markets.

The South Korean stablecoin relies on a decentralized and highly interoperable architecture that facilitates agile and secure payments, reinforcing the integration of blockchain technologies into the traditional financial system. Unlike Kazakhstan, which has adopted a central bank-led approach with a regulatory framework designed for controlled innovation, South Korea overcomes complex technological interoperability scales, positioning it with a vision of multiplicity and cross-network collaboration.

While Kazakhstan prioritizes a structured regulatory framework and direct connection to globally recognized payment systems through Mastercard, the stability and fluidity of KRW1 in South Korea lies in Avalanche's subnet architecture, designed to deliver maximum efficiency in digital commerce and financial services environments.

Despite their differences, both countries emphasize how their governments have understood that the development and leadership of sovereign digital currencies require robust regulatory frameworks, innovative technological strategies, and public-private partnerships that strengthen social and economic confidence in these new instruments.

The Evo stablecoin as a pillar of Kazakhstan's financial transformation

The launch of Evo marks a strategic milestone for Kazakhstan, whose National Bank no longer merely regulates the traditional monetary system but is taking a leading role in the adoption of digital tools that are transforming its economy. By backing the stablecoin with the tenge and building it on a powerful and efficient blockchain like Solana, Evo reflects the combination of technological innovation with the preservation of monetary sovereignty.

This project goes beyond offering a digital alternative for payments or investments; it establishes a replicable model to encourage financial inclusion, increase digital liquidity, and facilitate the integration of more players into the formal economy. 

Thus, the initiative positions Kazakhstan as one of the key players in the global evolution toward more dynamic, transparent, and connected economies, where digital assets not only coexist but also enhance financial stability and sustainable growth.

With Evo, Kazakhstan demonstrates that the future of monetary policy and economic development lies in the intelligent integration of disruptive technologies, supported by clear regulations and a strategic vision that prioritizes efficiency and inclusion. As the National Bank has noted, "The national stablecoin not only strengthens our financial system, but is also a catalyst for technological advancement and citizen participation in the digital economy."