Solana and AirAsia Plan to Launch a Stablecoin

Solana Foundation has signed a memorandum of understanding with AirAsia and the Kazakh cryptocurrency exchange Intebix to develop a new stablecoin called Evo (KZTE). The digital currency will be pegged to the Kazakh tenge and built on the Solana blockchain.

Intebix, a licensed digital asset exchange operating in Kazakhstan, will serve as the project’s main local partner. AirAsia is expected to integrate the stablecoin into its payment services and loyalty programs, while Solana Foundation will provide the technological infrastructure and transaction processing capabilities.

Kazakhstan has been actively expanding its digital asset regulations in recent years. In 2023, the Astana International Financial Centre introduced a licensing framework for cryptocurrency exchanges and digital asset custody companies. The stablecoin initiative aligns with the country’s broader strategy of modernizing its financial system and reducing reliance on cash payments.

For Solana, the partnership marks another step in strengthening its presence in Central Asia. Kazakhstan became a major cryptocurrency mining hub after China imposed restrictions on the industry in 2021. Today, the country is increasingly focused on practical blockchain applications, including stablecoins and decentralized finance (DeFi) solutions.

AirAsia has already experimented with blockchain-based technologies in the past, particularly in digital payments and loyalty systems. A stablecoin linked to the Kazakh tenge could simplify international transactions and money transfers for Kazakh citizens working abroad.

At the same time, the National Bank of Kazakhstan is developing its own central bank digital currency (CBDC), known as the digital tenge. The privately issued KZTE stablecoin could eventually complement the government-backed project — or compete with it — depending on how future regulations evolve.

Although the initiative is still in its early stages, it reflects the growing global interest in using blockchain technology for modern payment systems.