Back
Solana-Based Evo Stablecoin Launches Pegged to Kazakhstan Tenge

Solana-Based Evo Stablecoin Launches Pegged to Kazakhstan Tenge

Kazakhstan’s National Bank partners with Intebix and Mastercard to issue the first tenge-pegged stablecoin, enhancing the nation’s digital finance ambitions.

SOL

Fact Check
The evidence from two separate sources, Wu Blockchain and unlock-bc.com, directly corroborates the statement. They confirm the launch of a stablecoin named 'Evo' as a pilot project in Kazakhstan, its partnership with Solana, and that it is pegged to the local currency, the Tenge.
    Reference: 123
Summary

Kazakhstan’s National Bank has launched KZTE, a stablecoin pegged to the tenge, built on Solana’s blockchain. The pilot project, conducted within the regulatory sandbox, is supported by Intebix, Eurasian Bank, Mastercard, and partners to enable seamless crypto-to-fiat exchanges and payments via crypto cards. This marks the first such initiative in the country’s ongoing push to integrate digital finance.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as a fiat currency.
  • Solana: A high-performance blockchain platform known for fast transaction speeds and low fees, often used for decentralized finance projects.
  • Tenge: The official currency of Kazakhstan, used as the fiat peg for the Evo stablecoin.