Kazakhstan has introduced its own cryptocurrency, the Evo stablecoin (KZTE), issued with the support of the international payment system Mastercard. The new digital asset is pegged to the national currency at a ratio of 1 to 1 with the tenge, which ensures its stability and transparency.
According to the developers, Evo will become a universal tool for cashless payments and online transactions both within the country and abroad. In the future, the coin may take the place of a full-fledged means of payment, integrated into the financial system of Kazakhstan and supported by leading banks and fintech companies.
Experts note that the launch of KZTE reflects Kazakhstan’s desire to strengthen its position in the field of digital finance and accelerate the introduction of blockchain technologies into the economy.
Source: https://www.fixygen.ua/news/20250924/kazahstan-zapustiv-natsionalniy-steyblkoin.html
Since the beginning of 2025, companies operating in the stablecoin segment have attracted investments totaling $621.8 million, which is seven times more than the result for the whole of 2024 ($84 million), according to data from Defi Llama.
The largest round was financed by Hong Kong-based OSL Group, which received $300 million in July for international expansion.
“There is a real buzz around stablecoins right now, and this hype is entirely justified,” said Anna Shtebl, CEO of the Confirmo payment platform.
Experts attribute the growing interest to breakthroughs in the regulatory sphere. The decisive factor was the passage of the GENIUS Act in the US, which, according to MNEE CEO Ron Tarter, gave “the green light to corporate America, legalizing the industry.”
Against this backdrop, the market capitalization of stablecoins exceeded a record $297 billion. Coinbase predicts that by 2028, the figure will reach $1 trillion.
Another indicator was the IPO of issuer Circle in June: the company raised $1 billion, and its shares are now trading at $144, according to Yahoo Finance. Taking into account the financing of Circle and Figure Technologies, which Defi Llama attributes to the CeFi and RWA sectors, the total amount of funds raised exceeded $2.4 billion.
Market leaders Circle and Tether are facing increasing pressure. Fintech giant Stripe and major Wall Street players have announced their own “stablecoins.” Societe Generale’s crypto division (SG-FORGE) introduced the USDCV token, and JPMorgan confirmed the launch of the JPMD coin on the Base blockchain. According to the WSJ, Bank of America, Wells Fargo, and Citigroup are also considering creating their own digital assets.
“Institutional investors see stablecoins as the building blocks of digital finance,” said Zerion co-founder Evgeny Yurtaev.
In August, a number of banking associations criticized the GENIUS Act, saying it gives crypto companies an unfair advantage, particularly through the ability to pay interest to stablecoin holders. Banking lobbyists estimate that this could cause an outflow of more than $6 trillion in deposits.
Coinbase called these concerns a “myth.” The company’s policy director, Faryar Shiraz, noted that banks are trying to preserve their profits from transaction fees, which bring in about $187 billion annually.
Earlier, Standard Chartered analysts reported that the bank’s customers are increasingly preferring stablecoins over Bitcoin.
A debate has erupted in the UK over the Bank of England’s plans to restrict the ownership of stablecoins — cryptocurrencies pegged to the dollar, euro, or other stable assets.
The regulator fears that if people transfer their money from banks to such digital assets en masse, it could hit the banking system. Therefore, a limit is being discussed: for ordinary citizens — no more than £10-20 thousand (approximately $13.6-27.2 thousand), for companies — up to £10 million.
If the decision is adopted, the UK will become one of the strictest countries in regulating stablecoins — stricter than the US and the EU.
Representatives of the crypto industry consider such steps harmful. According to them, the restrictions will reduce the country’s attractiveness to investors; it will be more difficult and expensive for people to use digital currencies; the control system itself will prove to be too complex and costly, as stablecoin issuers do not know who owns their tokens at any given moment.
“The introduction of limits will hit depositors, the City of London, and even the pound,” said Coinbase Vice President Tom Duff Gordon. “No other major country has introduced such measures.”
Supporters of stablecoins emphasize that they could make international transfers faster and cheaper.
The Bank of England responds that the restrictions will be temporary — to give the financial system time to adjust to the new digital money market. “A massive outflow of funds from banks could lead to a reduction in lending to businesses and the public,” explained regulator representative Sasha Mills.
Finance Minister Rachel Reeves has previously stated that the government will support the development of blockchain technologies, including the use of stablecoins.
The global market for these digital currencies is currently estimated at approximately $288 billion.
