Evo (national stablecoin of Kazakhstan)

History

2025: Stablecoin Launch

The National Bank of Kazakhstan launched the first stablecoin, secured by the national currency of the republic - tenge, within the framework of the regulatory sandbox of the central bank. The digital currency is called Evo and is tied to tenge in a ratio of one to one, which allows it to be used to pay for goods and services directly in stablecoins. The start of the project of digital transformation of the country's financial system became known on September 23, 2025.

Chairman of the National Bank of Kazakhstan Timur Suleimenov described the launch of stablecoin as an important stage in the digital transformation of the financial system of the republic. According to him, the modern world is experiencing an era of digital transformation, which poses challenges, but the main thing is a huge number of opportunities. Digital assets and blockchain technologies occupy a special place in this process.

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Фото: Unsplash

The head of the central bank noted that new technologies open up prospects for the development of financial services, increasing financial inclusion, creating innovative products and moving the country forward. The launch of the Kazakhstan stablecoin, denominated in national currency, is a practical implementation of the digital development strategy of the financial sector. The project is being implemented under controlled regulatory sandbox conditions to test new technologies.

Stablecoin is a type of cryptocurrency whose exchange rate is tied to real assets - national currencies, gold or other stable resources. Unlike bitcoin or ethereum, such digital assets are not subject to strong fluctuations in value and can be used as a more reliable means of payment. The stability of the course is ensured by the mechanism for providing real assets.^[1]

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