Kazakhstan Integrates CBDCs and Stablecoins: No Rivalry, Only Synergy

Kazakhstan is making strides in its dual approach to digital currencies, testing its central bank digital currency (CBDC) alongside the Evo stablecoin, part of its ambition to become a significant player in the crypto realm.

In September, the National Bank of Kazakhstan initiated the Evo stablecoin in partnership with Solana and Mastercard, an impressive milestone for state-sanctioned stablecoin growth worldwide. This comes as the central bank progresses with its CBDC, the digital tenge, introduced in 2023.

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

Sholpankulov highlighted that the digital tenge pilot continues and is actively welcoming new participants and projects, with legislators working to establish it as legal tender, equivalent to fiat currency.

Stablecoins for ecosystems, CBDC for interbank settlements

Sholpankulov characterized privately issued stablecoins like Evo as tokens linked to specific ecosystems with distributions depending on participant numbers. Conversely, the digital tenge is issued by the national bank and recognized as legal tender, expected to play a crucial role in interbank transactions.

“Once the regulatory framework is fully in place, the digital tenge will enter circulation as a means of payment and as a guarantor on behalf of the national bank,” he added, asserting the CBDC’s potential to provide a foundation for private sector innovations without dependence on banks.

Two-tier system

Talgat Dossanov, founder of the Intebix exchange, supports Sholpankulov’s perspective on the digital tenge and the Evo stablecoin, stating, “These initiatives are not necessarily in competition… they can occupy different niches and complement each other.”

Dossanov explained that the digital tenge enhances the central bank’s role and reinforces financial sovereignty, while the stablecoin promotes integration into the global crypto landscape and facilitates international transactions.

“Their coexistence can be seen as a ‘two-tier system’: the digital tenge serving as a tool of monetary policy and interbank settlement, while the stablecoin acts as a practical instrument for businesses and consumers.”

Addressing the U.S. administration’s decision to favor stablecoins over CBDCs, Dossanov emphasized that many countries, especially emerging markets, find CBDCs essential for maintaining financial sovereignty and minimizing reliance on foreign currencies.

Sholpankulov noted that the primary goal of the digital tenge is to secure the independence and sovereignty of Kazakhstan’s payment infrastructure.

Central Asia’s crypto hub

Kazakhstan’s parallel introduction aligns with its ambitions to be Central Asia’s foremost crypto hub. The country has taken the lead in permitting regulatory fees paid in stablecoins like USDT, initiated one of Central Asia’s initial spot Bitcoin funds, and is working on establishing a state-backed crypto reserve.

The Kazakh government collaborates closely with global exchanges such as Binance, having recently approved a crypto fund that includes BNB exposure.

On Thursday, Timur Suleimenov of the National Bank met with Changpeng Zhao to discuss launching a new KZTx stablecoin and other innovation projects in Alatau City.

Simultaneously, Pavel Durov met with President Kassym-Jomart Tokayev at the Digital Bridge 2025 forum, unveiling plans for an AI research laboratory in Astana.