Kazakhstan Taps Solana, Mastercard for Tenge Stablecoin

 

Kazakhstan’s central bank launched a pilot project with a new stablecoin pegged to the local fiat currency in collaboration with Solana and Mastercard.

The National Bank of Kazakhstan announced the launch of the stablecoin project within the framework of its Digital Assets Regulatory Sandbox, according to a statement shared with Cointelegraph on Tuesday.

The new Evo (KZTE) stablecoin is pegged to the Kazakhstani tenge currency and is issued by sandbox participant Intebix crypto exchange and local lender Eurasian Bank, with assistance from Solana and Mastercard.

Based on the Solana blockchain, KZTE is immediately live within the central bank’s regulatory sandbox, and Mastercard is set to connect KZTE with global stablecoin issuers, Intebix founder Talgat Dossanov told Cointelegraph.

National stablecoin to bridge crypto and TradFi

Kazakhstan’s Evo stablecoin is described as a “national stablecoin” designed to connect crypto innovation with traditional finance.

Use cases for the KZTE stablecoin include expanding the crypto-fiat channel, enabling cryptocurrency exchange and supporting transactions through crypto cards.

“The project is part of the National Bank’s strategy to build a national digital asset ecosystem, fostering innovative digital tools and the development of Kazakhstan’s digital asset market,” the announcement noted.

Promotional image of the new tenge-backed stablecoin. Source: Intebix

While the Evo stablecoin is technically issued by Intebix and the Eurasian Bank, the National Bank of Kazakhstan is participating in the project by providing a regulatory regime to allow its issuance and testing.

“It’s still the first case where the central bank is taking a proactive role in the issuance of the stablecoin,” Dossanov told Cointelegraph.

Kazakhstan’s first stablecoin

“Today, we are launching Kazakhstan’s first stablecoin denominated in our national currency, the tenge, within the National Bank’s regulatory sandbox,” National Bank Governor Timur Suleimenov reportedly said during the Evo opening event on Tuesday.

Suleimenov emphasized that the digital age presents both challenges and opportunities, with digital assets and blockchain technology playing a central role in delivering new services, enhancing financial inclusion and driving the country’s overall advancement.

Intebix founder Talgat Dossanov, Eurasian bank CEO Lyazzat Satiyeva, National Bank Governor Timur Suleimenov, Mastercard CIS executive Rafal Trepka (from left to right). Source: Solana Superteam

Kazakhstan’s Evo stablecoin launch comes in line with the country’s ambitious digital asset agenda, including exploring the concept of a state-run crypto reserve.

Related: Kazakhstan’s president calls for national crypto reserve, digital asset law by 2026

In early September, Kazakhstan’s Astana Financial Services Authority officially authorized the use of USD-pegged stablecoins including Tether USDt (USDT) for payment of license and supervision fees.

Kazakhstan has also emerged as a global leader in Bitcoin (BTC) mining, becoming one of the biggest BTC mining countries by the mining hashrate distribution in 2022, with a share of 13%.

Kazakhstan has also been making moves with a central bank digital currency (CBDC), launching the digital tenge in November 2023. The initiative has brought significant improvements to VAT reimbursement processing, the National Bank’s chief digital officer said last year.

Bitcoin Metrics Say $112K BTC Could be the Bottom

 

Key takeaways:

• Positive Coinbase Premium Index signals strong US retail demand buying the dip.

• Strong ETF inflows and Bitcoin treasury companies bolster BTC’s recovery potential.

• Despite aggressive short-side pressure, the risk of another liquidation event is decreasing.

Bitcoin (BTC) fell from its monthly high of about $118,000, dropping as much as 5.5% to Tuesday’s intraday low of $111,571. While this is only a 10.4% drawdown from the $124,500 all-time high, several metrics suggest that the price range between $112,000 and $111,500 may be the bottom range before BTC recovers to new highs. 

Coinbase Premium stays positive despite price dip

Bitcoin’s recent recovery to a four-week high of $118,000 from a low of $107,400 between Sept. 1 and Thursday may be partially attributed to increased retail demand in the United States. That was evident by a sharp rise in the Coinbase Premium Index over that period.

The Coinbase Premium Index measures the difference in pricing between the BTC/USD pair on the largest US exchange, Coinbase, and Binance’s BTC/USDT equivalent.

Related: Biggest long liquidation of the year: 5 things to know in Bitcoin this week

The index remained positive, rising to 0.075 on Monday from 0.043 on Sunday, even as Bitcoin tumbled 4% to $112,000.

Bitcoin Coinbase Premium Index. Source: CryptoQuant

“The Coinbase premium stayed positive all week,” even with the latest sell-off, said analyst BTC_Chopsticks in an X post on Monday, adding:

“As long as the index stays positive, I remain bullish on BTC.”

A rising Coinbase premium is a proxy for increasing demand from US retail investors.

Additionally, Bitcoin’s apparent demand, which offers a broader onchain view of worldwide BTC demand, remains high despite yesterday’s price drop, with a slight increase over the last 24 hours.

Bitcoin apparent demand. Source: CryptoQuant

This suggests that new investors continue entering the market, providing the tailwinds required to trigger BTC price recovery.

Institutional Bitcoin demand “remains firm”

BTC’s upside potential is backed by growing institutional demand, evidenced by strong inflows into Bitcoin investment products.

Data from CoinShares shows that institutional investors increased their exposure to Bitcoin investment products, which saw inflows of $977 million, making up more than 51% of the total inflows last week.

Crypto ETP flows table. Source: CoinShares

US-based spot Bitcoin ETFs saw $876 million in net inflows last week, data from SoSoValue shows. 

Bitcoin treasury companies are aggressively accumulating, with Japan’s Metaplanet becoming the fifth-largest Bitcoin holder after acquiring 5,419 BTC for $632.53 million, bringing its total to 25,555 BTC worth nearly $3 billion. 

Michael Saylor’s Strategy added 850 BTC for $99.7 million last week, bringing its total Bitcoin holdings to 639,835 BTC.

“Despite near-term weakness, institutional support remains firm,” trading company QCP Capital wrote in a note to investors on Tuesday, adding:

“Strategy and Metaplanet continue to add, while spot ETF inflows last week signal sustained dip-buying. ”

Traders are also positioning for October, which is “historically BTC’s strongest month, with active demand for 120K–125K Calls,” it added.

BTC absorbs sell-side pressure from short traders

Despite sustained sell-side aggression on Binance derivatives since mid-July, Bitcoin has mostly held its ground within a tight $110,000–$120,000 range. Cumulative Volume Delta (CVD) data remains negative, signaling consistent short-selling pressure from takers. 

The inability of the price to break significantly lower suggests that this flow is being absorbed, implying accumulation.

Cumulative Volume Delta on Binance. Source: CryptoQuant

This structural resilience may be reinforced by liquidation data pointing toward reduced downward pressure.

Bitcoin researcher Axel Adler Jr said that although the massive long liquidations seen Monday suggested that bears are dominating the market, the frequency of liquidations remains low, adding:

“Risk of further bearish pressure from liquidations is medium.”

Risk of further bearish pressure from liquidations is medium.

Net Liquidations remain negative near −40M, reflecting ongoing long wipeouts and keeping downside pressure in place. Yet the Liquidation Intensity Z-Score (365d) is neutral/moderate, suggesting no cascade risk for… pic.twitter.com/FRu9spsyCZ

— Axel  Adler Jr (@AxelAdlerJr) September 23, 2025

High US retail demand, strong institutional support and reduced risk of a liquidation-driven drop strengthen the argument that Bitcoin is forming a bottom near $112,000.

While short-term volatility may persist, the underlying bid, possibly institutional, could make a sharp correction below this level increasingly unlikely.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Sub-Second Finality, Faster Than Google

 

The boldest step yet

Solana has always pitched itself as the blockchain for speed. With Alpenglow, it’s attempting a quantum leap.

Validators have voted overwhelmingly in favor of the upgrade, with almost 99% support across the network. If successfully implemented, Alpenglow is expected to reduce transaction finality from roughly 12.8 seconds to just 100 to 150 milliseconds.

That’s close to a hundred times faster than current speeds and well within the range of internet benchmarks most people take for granted.

To put that into perspective, a Google search averages about 200 ms. Payment processors like Visa settle card transactions in a similar timeframe. If Solana can truly operate in that window, blockchain applications might feel indistinguishable from traditional systems.

The shift could redefine user expectations of crypto entirely.

How Solana stacks up against rivals

Even before Alpenglow, Solana carved out a reputation as one of the fastest major blockchains.

Its 12.8-second finality already outpaces Ethereum’s confirmation cycle, which typically takes 12 seconds for inclusion and around 12 minutes to reach true finality through its checkpointing mechanism.

By comparison, Sui, a layer-1 built for performance, boasts around 400-ms finality, which is impressive but still more than double what Alpenglow targets.

If Solana delivers on its promises, the gap could reshape the competitive landscape. For decentralized exchanges, derivatives platforms and blockchain-based games, sub-second finality becomes a prerequisite for real-time interaction.

Users who have grown accustomed to the lag of most Web3 systems could experience something far closer to the immediacy of Web2.

Did you know? In 2024, CoinGecko Research revealed that Solana garnered a whopping 38% of global crypto investor interest in chain-specific narratives, surpassing Ethereum’s 10%.

Inside the governance vote

The governance process for Alpenglow kicked off on Aug. 21, 2025, spanning epochs 840 through 842.

Participation was strong right from the outset. Validators and stakers quickly cleared the 33% quorum requirement, ensuring the proposal couldn’t stall out.

As ballots rolled in, support proved overwhelming. Early tallies showed backing between 99.6% and 99.7%, with only a sliver of participants voting against.

By the time the vote closed on Sept. 4, 2025, 98.94% of all participating stakeholders had approved the measure. Roughly 0.5% opposed, and another almost half-percent abstained.

Crucially, participation hit around 52% of the network’s total stake, comfortably above the minimum threshold and strong enough to suggest broad legitimacy.

Such near-unanimity is unusual in decentralized governance, where divisions often emerge even on technical upgrades. For Solana, the outcome shows alignment among stakeholders regarding Alpenglow’s necessity.

The mechanics of Alpenglow

At Alpenglow’s core are two new architectural components: Votor and Rotor. 

These systems overhaul how Solana processes and finalizes transactions, allowing the chain to confirm blocks in 100-150 ms. Instead of waiting for multiple rounds of validator communication, the upgrade enables faster consensus without compromising security guarantees.

Alongside speed, Alpenglow introduces a new economic model. Validator Admission Tickets (VATs) aim to streamline validator onboarding while reducing operational costs.

Paired with the “20 20” resilience model, where the network can tolerate up to 20% of validators failing and another 20% behaving maliciously, Solana gains robustness against disruptions.

Now, building decentralized finance (DeFi) platforms, trading engines or multiplayer games will be possible without the awkward delays users often endure. Transactions could feel instant, which will likely unlock use cases that previously required centralized infrastructure.

Risks native to Solana

Alpenglow’s promise is extraordinary, but the upgrade doesn’t erase every concern hanging over Solana.

The network still depends almost entirely on Agave, its main validator client. A bug or exploit in that client could ripple across the entire ecosystem.

However, relief is coming in the form of Firedancer, a second validator client built by Jump Crypto.

Expected to debut on the mainnet later this year, Firedancer could diversify the network’s software base and drastically improve resilience.

Having multiple independent clients is standard in other ecosystems (Ethereum runs on Geth, Nethermind, Besu and Erigon), so Solana’s reliance on just one remains a red flag until Firedancer is fully operational.

There are also questions about centralization.

While VATs and cost reductions aim to lower entry barriers, some critics argue that fixed-tier fees and fault-tolerance thresholds could favor larger validators with deeper resources.

If that dynamic plays out, the network risks trading one bottleneck (speed) for another (concentration of power).

Did you know? Researchers recently uncovered specialized phishing techniques targeting Solana (coined “SolPhish”) that have led to $1.1 million in losses. Ahead of this, they developed SolPhishHunter, a pioneering detection tool for the ecosystem.

Why it matters beyond speed

The headline number (150 ms) grabs attention, but the real story is what that speed enables.

Consider a decentralized exchange (DEX). Today, even the best DeFi platforms can’t match the responsiveness of centralized order books. It is not unusual to see market conditions shifting considerably by the time a transaction clears.

With Alpenglow, order books could update in real time, giving traders the same fluid experience they expect from centralized platforms — without sacrificing custody.

The benefits are even more obvious with gaming. Blockchain-based games often stumble when interactions lag or require long confirmation windows. Sub-second finality could make in-game economies feel flawless, whether that’s trading items, earning rewards or settling bets.

Moreover, for payments, Alpenglow could be a breakthrough. Sending stablecoins across borders in 150 ms would put crypto payments on par with credit card networks.

Combined with Solana’s low fees, the upgrade positions the network as a genuine alternative for real-time settlement.

Infrastructure for enterprise-grade finance

Sub-second finality paired with stronger resilience mechanisms creates a blockchain that appeals greatly to businesses that can’t afford downtime.

The same goes for the 20 20 resilience model, reassuring players who worry about network stability.

The numbers already point to growing institutional trust. Three publicly listed companies have collectively staked around $1.7 billion on Solana, which demonstrates confidence in its long-term stability.

Beyond staking, the ecosystem is broadening. Tokenized real-world assets (RWAs) on Solana now total roughly $390 million, while total value locked (TVL) has climbed past $8.6 billion.

Staking yields averaging about 7% are also fueling demand for new investment products, with exchange-traded funds (ETFs) tied to Solana (SOL) recording millions in inflows.

Solana is moving well beyond retail adoption and speculation, positioning itself as infrastructure capable of supporting enterprise-level finance.

Did you know? Major financial entities, including HSBC, Bank of America, Euroclear and the Monetary Authority of Singapore, are integrating Solana into their tokenization efforts via a strategic partnership with R3.

What’s next for Solana?

With governance finalized, Solana’s roadmap is firmly in motion.

A testnet deployment of Alpenglow is scheduled for December 2025 at the Breakpoint conference, followed by a mainnet upgrade in Q1 2026. In parallel, Firedancer is progressing through a phased rollout.

Already operating in a hybrid “Frankendancer” mode on more than 10% of validators as of mid-2025 (and demonstrating throughput above 1 million transactions per second in testing), it represents a decisive step toward client diversity.

For Solana, the stakes are high as it aims for sub-100 ms finality while also ensuring resilience against single-client risk.

If successful, the combination of Alpenglow and Firedancer will both lock in Solana’s performance edge for high-throughput applications. Together, these updates will provide a more inclusive foundation for smaller validators and developers, strengthening the ecosystem’s long-term credibility.

Samsung Partners With Decentralized AI Healthcare Protocol Galeon

 

Tech behemoth Samsung has partnered with decentralized science (DeSci) and healthcare artificial intelligence protocol Galeon to provide AI training data from its ultrasound devices.

According to a Tuesday announcement shared with Cointelegraph, Samsung said it will integrate its ultrasound equipment with Galeon’s electronic health record (EHR) platform. Speaking to Cointelegraph, Galeon CEO Loïc Brotons said the EHR is already live in 18 interconnected hospitals, including those in France at Rouen University Hospital, Caen University Hospital, Toulon Hospital and Sud Francilien Hospital.

Samsung and Galeon said the effort aims to improve medical data availability while keeping a privacy-first approach. Brotons said the data itself is not stored onchain; only the AI algorithm operates onchain “with full traceability of how the algorithm is operating.” He added that all data is anonymized before training for privacy compliance reasons.

The collaboration allows healthcare providers to train AI models without centralizing patient information. Each hospital or institution retains control over its data while benefiting from shared algorithm training.

Brotons told Cointelegraph that this approach to medical AI training is already making an impact. He claimed that the firm has developed an automatic billing AI for medical services, an AI that provides a summary of consultations and is working on its own speech-to-text AI.

The Galeon Team. Source: Galeon

Related: Blockchain and AI can enable advanced personalization in healthcare

Decentralized science takes on medicine

Healthcare has emerged as one of the most active sectors in decentralized science. Alex Dobrin, awareness steward at VitaDAO — a decentralized collective working to extend human lifespans — told Cointelegraph that the time and cost requirements of drug development motivate people to take matters into their own hands.

In May, DeSci decentralized autonomous organization HydraDAO claimed that one of its research projects resulted in “rats who had their spines fully transected” being able to walk again in five days. Such news appears to be prompting investors to take notice.

Related: Decentralized science meets AI — legacy institutions aren’t ready

Investors show interest in DeSci

DeSci platform Bio Protocol secured backing from investors, including Maelstrom Fund and Animoca Brands, in a $6.9 million funding round earlier this month. This followed the company’s investment from Binance Labs, the cryptocurrency exchange’s venture capital arm, at the end of 2024.

Data is at the center of many of those projects, with DeSci platforms now fighting to acquire genetic data from bankrupt DNA testing service 23andMe.

Bitcoin Will Not Cost $3.4 Million by 2028, Says Arthur Hayes

 

Key points:

• Bitcoin will be “markedly higher” by 2028, Arthur Hayes said, but $3.4 million per coin is too bullish.

• BTC price increases from credit growth may not match past performance.

• US money printing is back with the Trump administration, opening the path to BTC price expansion.

Bitcoin (BTC) will trade “markedly higher” than its current $113,000 by 2028, said former BitMEX CEO Arthur Hayes.

In his latest blog post, “Four, Seven,” released Tuesday, Hayes sees money printing taking BTC price action to new records.

Hayes sees BTC price “markedly higher”

US money printing under the President Donald Trump administration will be what launches Bitcoin into the stratosphere in just three years, Hayes said. 

Trump aims to “preserve the fruits of the supposed empire for the ruling class,” something attempted by US presidents before him.

“Today, another war against a more united, prosperous, and militarily strong Eurasia (Russia, China, India, and Iran) requires a drastic change in credit allocation,” Hayes said. 

“And therefore, I proclaim with extreme confidence regarding money printing, these crackers ain’t playin’.”

To do this, Trump needs to gain sway over the Federal Reserve, with his placements steering monetary policy toward money printing via a potential deal with the US Treasury. The ongoing debacle involving Fed governor Lisa Cook, appointed by the previous administration, is just the start.

“The point is, do not doubt that team Trump will use all the tricks in the book to print the money this transformation of America requires,” the post continued.

Federal Reserve Board of Governors data (screenshot). Source: Arthur Hayes/Substack

Hayes goes on to consider how Bitcoin might react. While estimating actual prices is next to impossible, previous experience hints at a seismic shift in the BTC price.

“The slope of the percentage increase in Bitcoin to a dollar of credit growth was ~0.19. Ladies and gentlemen, that results in a 2028 Bitcoin price prediction of $3.4 million!” he calculated.

“Do I think Bitcoin will rise to $3.4 million by 2028? No, but I believe the number will be markedly higher than the ~$115,000 that it trades at today.”

How high is too high for Bitcoin?

Hayes is no stranger to BTC price targets, with seven-digit forecasts becoming a regular feature of his musings on the world’s economic future.

Related: Bitcoin price $150K target comes as analyst sees weeks to all-time highs

Pardoned by Trump in March, Hayes previously eyed a $1 million price tag by 2028 due to international capital controls and “repatriation” of foreign wealth.

Last week, along with repeating the $1 million figure on X, Hayes tipped Treasury liquidity conditions as a reason to expect a mass surge across crypto markets next.

Not everyone agreed. Andre Dragosch, European head of research at crypto asset manager Bitwise, called the liquidity argument a “useless banana.”

As Cointelegraph continues to report, market expectations for easier financial conditions remain high, with the Fed tipped to cut interest rates again at its October meeting.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.