Kazakhstan is moving forward with a double-track approach to digital assets, supporting state-linked Stablecoin while piloting the central bank’s digital currency (CBDC).
In September, the National Bank of Kazakhstan began launching Evo Stablecoin in collaboration with Solana and Mastercard, marking one of the first cases of state-backed Stablecoin developments around the world. The central bank is also working on Digital Tenge, a CBDC released in 2023.
“When we discuss Evo Stablecoin and Digital Tenge, we see opportunities for integration and interoperability rather than competition,” Berik Sholpankulov, lieutenant governor of Kazakhstan National Bank, told Cointelegraph on Tuesday.
Sholpankulov said Kazakhstan’s digital Tenge pilot is ongoing and is actively integrating new participants and projects, but lawmakers are working to establish digital Tenge as fiat currency, on par with Fit Money.
Ecosystem stubcoin, interbank settlement CBDC
Sholpankulov describes personalised Stablecoins, such as Kazakhstan’s Evo, as tokens tied to a particular ecosystem, and is distributed according to the number of participants.
In contrast, digital tenge issued by national banks is recognized as fiat currency and is expected to play an important role in interbank settlements.
“When the regulatory framework is fully implemented, digital tenge will be distributed as a payment instrument and as a guarantor on behalf of the National Bank,” he said. He added that CBDC can provide the foundation for private and fintech startups to build solutions without relying directly on banks.
Two-tier system
Talgat Dossanov, founder of Intebix Exchange, which will work with the Bank of Eurasia to issue EVO Stablecoin, reflected Schorpankrov’s views on digital Tenge and the state-backed Evo Stablecoin.
“These initiatives aren’t necessarily dependent on competition,” Dosanov told Cointelegraph, adding that Digital Tenge and Evo Stablecoin can occupy different niches and can complement each other.
“Digital Tenge strengthens the role of central banks and national financial sovereignty, while stubcoin accelerates integration into the global crypto market, attracts international projects and provides a convenient means of cross-border payments,” he said.
“Their coexistence can be considered as a ‘two-tier system’. While digital tenge serves as a tool for monetary policy and interbank settlements, stubcoins serve as a practical tool for businesses and consumers. ”
Addressing the Trump administration’s decision to ban CBDC in favour of Stablecoins, Dossanov said many countries, particularly emerging or markets with stable currencies, still feel that CBDC is important to ensure financial sovereignty and reduce dependence by foreign currencies and foundations.
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“For Kazakhstan, the main purpose of digital tenge as a CBDC is to ensure independence and sovereignty of the state payment infrastructure,” said Sholpankulov.
Crypto hubs in Central Asia
Kazakhstan’s parallel rollout reflects the broader ambition to become a major crypto hub in Central Asia.
The country has pioneered the payment of regulatory costs in Stablecoins, such as USDT (USDT), launched one of Central Asia’s first spot Bitcoin (BTC) funds, and is moving towards establishing a state-backed cryptocurrency reserve.
The Kazakh government also approved a crypto fund with BNB (BNB) exposure in late September, maintaining close ties with major global exchanges such as Binance.
On Thursday, Chairman Timur Suleimenov, Kazakhstan National Bank, met with former CEO of Vinanence, Changpeng “CZ” Zhao to discuss the launch of the new KZTX Stablecoin, Tokenization Initiatives and Innovation Projects in Alatau City.
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On the same day, Telegram co-founder Pavel Durov met with Kazakhstan’s president Kassym-Jomart Tokayev at the Digital Bridge 2025 forum and announced plans to create an AI Research Lab in Astana. Tokayev also met separately with Zhao and highlighted his role in advancing the global crypto industry.
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