Chairman of the National Bank of Kazakhstan, Timur Suleimenov, has announced the launch of the country’s first stablecoin pegged to the tenge. According to Suleimenov, the stablecoin is called “Evo” and is fixed at a 1:1 ratio with the tenge. The project was developed through cooperation between the National Bank, Solana, Mastercard, and Eurasian Bank. Its main purpose is to simplify cryptocurrency exchanges and payments.
At present, it is not possible to directly pay for goods and services with the Evo stablecoin, but Kazakhstani citizens can issue it to securely store their funds. This initiative is just one of eight projects being developed by the National Bank of Kazakhstan. In the future, the tokenization of real estate and other real-sector assets is also planned.
It should be noted that the use of stablecoins in this way is spreading at the regional level. For example, in July 2025, Uzbekistan introduced its own token, HUMO, backed by government bonds. Uzbekistan expects this token to attract foreign investment, simplify settlements, and increase the transparency of financial transactions.
