Stablecoin and CBDC Can Work Together: Kazakh National Bank

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.

Sholpankulov said that Kazakhstan’s digital tenge pilot is ongoing and has been actively integrating new participants and projects, while lawmakers have been working to establish the digital tenge as legal tender, making it equal to fiat money.

Stablecoins for ecosystems, CBDC for interbank settlements

Sholpankulov described privately issued stablecoins, such as Kazakhstan’s Evo, as tokens tied to specific ecosystems, with distribution depending on the number of participants.

In contrast, the digital tenge, issued by the national bank, is recognized as legal tender and is expected to play a significant role in interbank settlements.

“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 said. He added that the CBDC could provide a foundation for private companies and fintech startups to build solutions without relying directly on banks.

Two-tier system

Talgat Dossanov, founder of Intebix exchange, which issues the Evo stablecoin in partnership with Eurasian Bank, echoed Sholpankulov’s views on the digital tenge and the state-backed Evo stablecoin.

“These initiatives are not necessarily in competition,” Dossanov told Cointelegraph, adding that the digital tenge and the Evo stablecoin can occupy different niches and complement each other.

“The digital tenge strengthens the role of the central bank and the country’s financial sovereignty, while the stablecoin accelerates integration into the global crypto market, attracts international projects, and provides a convenient instrument for cross-border payments,” he said.

“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 Trump administration’s decision to ban CBDCs in favor of stablecoins, Dossanov said that many countries — particularly emerging markets or those with less stable currencies — still find CBDCs crucial to ensure financial sovereignty and reduce reliance on foreign currencies and foreign-backed stablecoins.

Related: Digital euro unlikely to launch before 2029, ECB board member says

“For Kazakhstan, the main objective of the digital tenge as a CBDC is ensuring the independence and sovereignty of the national payment infrastructure,” Sholpankulov said.

Central Asia’s crypto hub

Kazakhstan’s parallel rollout reflects its broader ambition to become Central Asia’s leading crypto hub.

The country has pioneered the payment of regulatory fees in stablecoins, such as USDt (USDT), launched one of Central Asia’s first spot Bitcoin (BTC) funds, and is moving to establish a state-backed crypto reserve.

The Kazakh government also maintains close relationships with major global exchanges like Binance, approving a crypto fund with BNB (BNB) exposure in late September.

On Thursday, National Bank of Kazakhstan Chairman Timur Suleimenov met with former Binance CEO Changpeng “CZ” Zhao to discuss the launch of a new KZTx stablecoin, tokenization initiatives and innovation projects in Alatau City.

Related: I funded my lifestyle from Bitcoin, not Telegram: Pavel Durov

The same day, Telegram co-founder Pavel Durov met with Kazakhstan’s President Kassym-Jomart Tokayev at the Digital Bridge 2025 forum, announcing plans to create an AI research lab in Astana. Tokayev also met separately with Zhao, highlighting his role in advancing the global crypto industry.

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