Evo, a stablecoin backed by the tenge, was launched today by the National Bank of Kazakhstan. The stablecoin is presented alongside Mastercard and Solana, a major smart contracts platform.
Kazakhstan launches the Solana-powered stablecoin Evo
Kazakhstan launched a trial today for its stablecoin backed by the tenge, Evo. The currency of Kazakhstan is the tenge.
The statement establishes that other players in the regulatory sandbox of digital assets would oversee the issuance of Evo. The cryptocurrency exchange Intebix and the Bank of Eurasia could manage the stablecoin Evo.
Inventors call Evo the 'national stablecoin' and want to use it to connect blockchain and conventional banking. The stablecoin will expand crypto-fiat gateways, swap digital assets, and facilitate transactions with crypto cards.
Evo will operate on Solana, a low-latency, high-performance smart contract platform. A seamless payment experience and broad acceptance of the stablecoin in Kazakhstan depend on the rapidly growing infrastructure of Solana.
Solana powers the stablecoin and signed an MoU with the Ministry of Digital Development of Kazakhstan to develop a blockchain economic zone.
The #Kazakhstan National Bank will not issue the stablecoin directly. Instead, the regulator will provide stablecoin issuers with a legal framework. The framework will test Evo and grow the virtual currency industry.
The Governor of the National Bank of Kazakhstan, Timur Suleimenov, highlighted the relevance of the pilot project, stating that cryptocurrencies and blockchain technology could increase financial accessibility.
Growth in stablecoins dominates
Despite the rise of Bitcoin (BTC) and Ethereum (ETH), stablecoins are also gaining popularity.
For example, South Korean banks are reportedly in negotiations with Circle and Tether to create a market for stablecoins backed by won. Standard Chartered may also apply for a stablecoin license in Hong Kong.
#AltcoinStrategicReserves #PerpDEXRace #solana $SOL
