How Solana is Building a New Stablecoin for Kazakhstan

Kazakhstan is planning to launch “Evo,” a new stablecoin pegged to its national currency, Tenge. Solana, Mastercard, and several local organizations are supporting the project.

This project aims to create a cohesive local Web3 industry for the nation. Hopefully, this high level of local commitment and international partnerships can ensure success.

Kazakhstan’s New Stablecoin

Kazakhstan is no stranger to the crypto industry, spending several years as an international Bitcoin mining hub. Although this industry has since diminished, the government is still interested in Web3, launching a Bitcoin ETF and pushing for a Crypto Reserve this year.

Today, Kazakhstan showed another interest in crypto, as local reporters claim that the nation is planning to launch its own stablecoin. It will be called “Evo” (KZTE) and pegged to the tenge, Kazakhstan’s national currency.

Seeing as previous plans to launch a tenge-based CBDC fell apart, this plan might prove more fruitful.

Although local media conveyed the government’s enthusiasm for exploring deeper crypto connections, this coverage was a little light on Web3-specific details.

However, Tamar Menteshashvili, Solana’s Head of Stablecoins, provided a wide range of details about Kazakhstan’s project, which aims to build a local Web3 ecosystem:

A Strong Lineup of Partners

Kazakhstan will issue its new stablecoin on Solana’s blockchain, partnering with several other firms to ensure smooth market access and customer utility. Intebix, a licensed crypto exchange, will issue the KZTE tokens. Mastercard is also a partner, which has been deepening its Web3 presence lately.

Additionally, a local team of Solana ecosystem builders is contributing to KZTE.

Although it isn’t clear how Superteam Kazakhstan will support this stablecoin, the group aims to unite local founders and projects to create a thriving local economy. Evo could surely assist this goal. The Eurasian Bank, one of the nation’s largest lenders, also contributes to the project.

Together, these actors aim to create more than a stablecoin for Kazakhstan; they want to build a local crypto ecosystem.

By expanding the crypto-fiat gateway, exchanging digital assets, and supporting transactions via cryptocurrency cards, Evo could bring the country on-chain in many key ways.

Ideally, this stablecoin will bridge the gap between TradFi and Web3 in Kazakhstan. State institutions, major private banks, and international credit card companies are participating, clearly showing strong commitments.

Source: https://beincrypto.com/kazakhstan-stablecoin-solana-mastercard-partnerships/