Kazakhstan Is Launching a National Stablecoin on Solana

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 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:

Today Kazakhstan launched EVO (KZTE), the first Kazakhstani Tenge-backed stablecoin issued on @solana.