Kazakhstan is pioneering a dual approach to digital currency by simultaneously developing a central bank digital currency (CBDC), the digital tenge, and a privately issued stablecoin, Evo (KZTE). This strategy aims to integrate modern financial technologies while maintaining economic stability.

Digital Tenge: The Central Bank’s Digital Currency

Launched in November 2023, the digital tenge is Kazakhstan’s official CBDC. Issued by the National Bank of Kazakhstan, it is recognized as legal tender and is primarily used for interbank settlements and public sector transactions. The digital tenge enhances payment efficiency, reduces corruption, and supports financial inclusion through its programmable features.

Evo Stablecoin: A Private Sector Initiative

In September 2025, Kazakhstan introduced Evo, a stablecoin pegged 1:1 to the tenge. Developed by the Intebix crypto exchange and supported by Mastercard and Eurasian Bank, Evo operates on the Solana blockchain. Unlike the digital tenge, Evo is issued by private entities and is intended for use in commercial transactions, remittances, and cross-border payments. It aims to bridge the gap between traditional finance and the digital economy.

Complementary Roles, Not Competition

Kazakhstan’s central bank views Evo and the digital tenge as complementary rather than competing. Deputy Governor Berik Sholpankulov emphasized that Evo serves specific ecosystems and user groups, while the digital tenge focuses on broader economic functions. The two systems are designed to interoperate, allowing for seamless integration between private sector innovations and public sector financial infrastructure.

Strategic Objectives

This dual model aligns with Kazakhstan’s broader digital transformation goals:

• Economic Diversification: Reducing reliance on traditional industries by fostering a digital economy.
• Financial Inclusion: Providing accessible financial services to underserved populations.
• Global Integration: Positioning Kazakhstan as a regional leader in digital finance.

Conclusion

Kazakhstan’s approach to digital currency exemplifies a balanced integration of public and private sector initiatives. By developing both a CBDC and a stablecoin, the country aims to create a robust and inclusive digital financial ecosystem that supports innovation while ensuring economic stability.