Kazakhstan plans to launch a national stablecoin Evo: Can Solana and Mastercard work together to create a new local Web3 hub?

Kazakhstan plans to collaborate with giants like Solana and Mastercard to launch a new stablecoin called "Evo" (KZTE), which will be pegged to the country's currency, the Tenge. This initiative aims to create a comprehensive local Web3 industry ecosystem and promote the integration of TradFi with the digital economy. Previously, Kazakhstan's Central Bank Digital Currency (CBDC) plan had stalled, and this strong partnership with private institutions could open new pathways for the country's development in the Web3 space.

Kazakhstan's Crypto Ambitions: From Bitcoin Mining Hub to Web3 Ecosystem Builder

Kazakhstan is no stranger to the cryptocurrency space. The country was once a significant global Bitcoin mining hub, and although the scale of this industry has since declined, the government's interest in Web3 has not waned. Earlier this year, Kazakhstan launched a Bitcoin ETF and pushed for the establishment of a crypto reserve, demonstrating its continued commitment to digital assets. Today, Kazakhstan further showcases its ambitions in the crypto space by launching a national stablecoin "Evo." Unlike the previously failed Central Bank digital currency initiative, this collaboration with several international and local institutions is seen as a more feasible new attempt.

Strong Partnership: Solana, Mastercard and Local Giants Build Evo

The project code-named "Evo" brings together a powerful lineup of collaborators. This stablecoin will be issued on the Solana blockchain, leveraging its high performance and low-cost advantages. Intebix, a licensed cryptocurrency exchange, will be responsible for the issuance of KZTE tokens. Additionally, Mastercard, which has been actively laying out plans in the Web3 space, will also participate as an important partner. Furthermore, the local Solana ecosystem development team Superteam Kazakhstan and one of the country's largest lending institutions, Eurasian Bank, will provide support for the project.

Not Just a Stablecoin: Evo's Grand Vision

The core objective of the project is not just to issue a stablecoin, but to build a complete local crypto ecosystem through Evo. Through this project, Kazakhstan aims to:

· Expand the crypto-fiat deposit and withdrawal channels: Lower the threshold for users to enter the crypto world.

· Promote Digital Asset Trading: Provide a smooth environment for asset exchange and circulation.

· Support for cryptocurrency card transactions: Enable daily payments with crypto assets in the real world.

The launch of Evo aims to bridge the gap between Kazakhstan's TradFi and Web3. The involvement of national institutions, large private banks, and international credit card companies fully demonstrates the strong commitment and immense potential behind the project. This is not only a technological innovation but also a national-level strategic layout, expected to give Kazakhstan a competitive edge in the digital economy era.

Conclusion

Kazakhstan's collaboration with international giants like Solana and Mastercard to launch the "Evo" stablecoin marks a solid step forward for the country in embracing the Web3 industry. This move will not only help build a healthy local crypto ecosystem but also attract global attention, positioning Kazakhstan to potentially transform from a past Bitcoin mining hub into a future Web3 innovation center. The success or failure of this project will provide valuable insights for other countries exploring digital economy development models.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.