CBDCs vs stablecoins: Kazakhstan says Evo not a rival to digital tenge

Kazakhstan is advancing a dual model by piloting its digital tenge CBDC alongside the Evo stablecoin as part of its push to be a crypto hub.

Kazakhstan is moving forward with a dual-track approach to digital assets, piloting its central bank digital currency (CBDC) while also backing a state-linked stablecoin.

In September, the National Bank of Kazakhstan launched the Evo stablecoin in collaboration with Solana and Mastercard, marking one of the first cases of state-backed stablecoin development worldwide. The central bank has also been progressing with its CBDC, digital tenge, which launched in 2023.

“When discussing the Evo stablecoin and the digital tenge, we see not competition, but rather opportunities for integration and interoperability,” Berik Sholpankulov, deputy governor of the National Bank of Kazakhstan, told Cointelegraph on Tuesday.

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