Kazakhstan launches its first tenge-backed stablecoin

Tengrinews.kz – The National Bank of Kazakhstan has officially launched the country’s first stablecoin pegged to the tenge, marking a significant step in the digital transformation of its financial system.

Chairman of the National Bank Timur Suleimenov said the pilot project is being introduced within the regulator’s sandbox.

"Today we are launching Kazakhstan’s first stablecoin, denominated in our national currency – the tenge. The modern world is undergoing a digital transformation that brings both challenges and opportunities. Digital assets and blockchain technologies play a special role here, opening up new prospects for developing financial services, increasing inclusion, and creating innovative products," Suleimenov stated.

What is a stablecoin?

A stablecoin is a cryptocurrency whose value is tied to real assets, such as national currencies, gold, or other stable resources. Unlike bitcoin or ethereum, stablecoins are less volatile, making them more reliable as a means of payment.

Kazakhstan’s first stablecoin, named Evo (short for "evolution"), is pegged to the tenge at a one-to-one ratio.

At present, goods and services cannot be directly purchased using Evo, but Kazakhstani citizens can issue the stablecoin and store their funds in this digital asset.

Earlier, in his September 8 State of the Nation Address, President Kassym-Jomart Tokayev announced that a state fund for digital assets would be established under the National Bank.