Kazakhstan launches KZTE, its first tenge-backed stablecoin on Solana

Kazakhstan has launched its first tenge-backed stablecoin, named KZTE, on the Solana blockchain, in partnership with Intebix, Eurasian Bank, and Mastercard. The project marks the start of a pilot phase and represents a significant step in the country’s strategy to integrate into the global digital economy.

KZTE originates from a regulatory sandbox created by the National Bank of Kazakhstan to test the potential of a tenge-based digital asset. The stablecoin will enable faster domestic and cross-border payments, crypto-to-fiat transactions, and integration with international issuers through Mastercard.

Kazakhstan has made significant progress in adopting blockchain technologies. In September, the country passed a digital assets law that includes the creation of a state-managed national reserve. Kazakhstan is also one of the world’s leading Bitcoin mining hubs due to its low energy costs.

The launch of KZTE comes amid a dynamic regional context, following Kyrgyzstan’s issuance of a ruble-backed stablecoin in 2024. With this project, Kazakhstan joins the list of countries using sovereign stablecoins as tools for financial modernization and economic strategy.