Kazakhstan Advances Dual Strategy with Digital Tenge and Evo Stablecoin

Kazakhstan is moving ahead with a dual-track digital asset strategy, simultaneously piloting its central bank digital currency (CBDC), the digital tenge, and developing a state-backed stablecoin known as Evo. The approach highlights the country’s ambition to balance financial sovereignty with deeper integration into the global crypto economy.

Evo Stablecoin and CBDC Integration

The Evo stablecoin, launched in September in collaboration with Solana and Mastercard, marks one of the first state-linked stablecoin initiatives worldwide. At the same time, Kazakhstan’s central bank continues to expand its digital tenge pilot, which was initially introduced in 2023.

Deputy governor of the National Bank of Kazakhstan Berik Sholpankulov said the two projects should be seen as complementary, not competing. The Evo stablecoin is designed for ecosystem use and cross-border payments, while the digital tenge is expected to serve as legal tender and play a key role in interbank settlements. “Once the regulatory framework is in place, the digital tenge will circulate as a means of payment and as a guarantor on behalf of the national bank,” Sholpankulov explained.

A Two-Tier System for Finance

Talgat Dossanov, founder of Intebix exchange, which issues Evo with Eurasian Bank, echoed the central bank’s position. He described the arrangement as a “two-tier system,” with the CBDC supporting monetary policy and interbank settlements, while the stablecoin serves businesses, consumers, and international partners. According to Dossanov, this model strengthens Kazakhstan’s sovereignty while attracting global crypto projects and providing new cross-border payment tools.

Kazakhstan’s Role as a Regional Crypto Hub

The dual rollout is part of Kazakhstan’s broader ambition to establish itself as Central Asia’s leading crypto hub. The country has already allowed regulatory fee payments in stablecoins, launched one of the region’s first spot Bitcoin funds, and is preparing to create a state-backed crypto reserve.

Kazakhstan also maintains close ties with major exchanges, including Binance. Recent meetings between government officials, former Binance CEO Changpeng Zhao, and Telegram co-founder Pavel Durov underscored the country’s growing role in the digital asset and AI sectors.

Sovereignty at the Core

Sholpankulov emphasized that, unlike the U.S. decision to ban CBDCs in favor of stablecoins, Kazakhstan views its CBDC as essential for maintaining monetary independence. “For Kazakhstan, the main objective of the digital tenge is ensuring the independence and sovereignty of the national payment infrastructure,” he said.