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Kazakhstan is planning to launch āEvo,ā a new stablecoin pegged to its national currency, Tenge. Solana, Mastercard, and several local organizations are supporting the project.
This project aims to create a cohesive local Web3 industry for the nation. Hopefully, this high level of local commitment and international partnerships can ensure success.
Kazakhstan is no stranger to the crypto industry, spending several years as an international Bitcoin mining hub. Although this industry has since diminished, the government is still interested in Web3, launching a Bitcoin ETF and pushing for a Crypto Reserve this year.
Today, Kazakhstan showed another interest in crypto, as local reporters claim that the nation is planning to launch its own stablecoin. It will be called āEvoā (KZTE) and pegged to the tenge, Kazakhstanās national currency.
Seeing as previous plans to launch a tenge-based CBDC fell apart, this plan might prove more fruitful.
Although local media conveyed the governmentās enthusiasm for exploring deeper crypto connections, this coverage was a little light on Web3-specific details.
However, Tamar Menteshashvili, Solanaās Head of Stablecoins, provided a wide range of details about Kazakhstanās project, which aims to build a local Web3 ecosystem:
Kazakhstan will issue its new stablecoin on Solanaās blockchain, partnering with several other firms to ensure smooth market access and customer utility. Intebix, a licensed crypto exchange, will issue the KZTE tokens. MastercardĀ is also a partner, which has beenĀ deepening its Web3 presenceĀ lately.
Additionally, a local team of Solana ecosystem builders is contributing to KZTE.
Although it isnāt clear how Superteam Kazakhstan will support this stablecoin, the group aims to unite local founders and projects to create a thriving local economy. Evo could surely assist this goal. The Eurasian Bank, one of the nationās largest lenders, also contributes to the project.
Together, these actors aim to create more than a stablecoin for Kazakhstan; they want to build a local crypto ecosystem.
By expanding the crypto-fiat gateway, exchanging digital assets, and supporting transactions via cryptocurrency cards, Evo could bring the country on-chain in many key ways.
Ideally, this stablecoin will bridge the gap between TradFi and Web3 in Kazakhstan. State institutions, major private banks, and international credit card companies are participating, clearly showing strong commitments.
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