Kazakhstan’s central bank is launching a pilot project to issue a new stablecoin who has been in the local Fiat Currency in collaboration with Solana and MasterCard.
The National Bank of Kazakhstan has announced the launch of a Stablecoin project Inside the outline of the digital assets regulatory sandbox, according to a statement shared with Cointelegraph on Tuesday.
The new EVO (KZTE) Stablecoin has been lying in the Kazakhstani tenge currency and issued by the Sandbox participant of the Intebix Crypto Exchange and local Eurasian Bank lender, with the assistance from Solana and MasterCard.
Based on Solana blockchainKZTE immediately lives within the regulation of the central sandbox, and Mastercard is set to connect KZTE to the global Stablecoin issues, Intebix founder Talgat Dosanov said in cointelegraph.
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Kazakhstan’s Evo Stablecoin is described as a “National Stablecoin” designed to connect crypto change with traditional finances.
Use cases for KZTE Stablecoin along with the expansion of the crypto-fiat channel, enabling a cryptocurrency exchange and supporting transactions through crypto cards.
“The project is part of the National Bank’s approach to produce a national digital asset ecosystem, the care of innovative digital tools and the development of Kazakhstan’s Digital Asset Market,” the announcement.
While Evo Stablecoin is technically released by Intebix and the Eurasian Bank, the National Bank of Kazakhstan participates in the project by providing a regulatory regime to allow its release and testing.
“This is still the first case where the central bank takes an active role in the release of Stablecoin,” Dossanov told Cointelegraph.
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