AirAsia MOVE, the super-app arm of Capital A, has partnered with the Solana Foundation and Kazakh fintech Intebix to bring a tenge-pegged stablecoin into its travel ecosystem. The partnership, announced in Q1 2026, introduces Evo (ticker KZTE), a stablecoin pegged 1:1 to the Kazakhstani tenge and built natively on the Solana blockchain. The deal targets AirAsia MOVE's 17 million monthly active users across Malaysia, Thailand, Indonesia, the Philippines, and Kazakhstan. The partnership was designed to enable cross-border payments that bypass traditional correspondent banking and its associated fees. Kazakhstan has positioned itself as a crypto-friendly jurisdiction since 2023, and this partnership validates that strategy with a consumer-facing use case beyond speculative trading.
The Tripartite Partnership Structure
The letter of intent binds three distinct players. AirAsia MOVE provides distribution through its 17 million monthly active users, existing payments infrastructure, and regional brand presence. Intebix, the Kazakh fintech behind Evo (KZTE), supplies the stablecoin and compliance infrastructure tailored to Kazakhstan's regulatory environment. The Solana Foundation contributes the blockchain layer, developer support, and network effects from its stablecoin ecosystem.
Each party has defined stakes in the arrangement. Intebix requires a high-volume use case to prove KZTE's viability. Solana needs real transaction throughput beyond decentralized finance. AirAsia MOVE requires lower payment processing costs on cross-border routes where card fees impact margins.
Travel Ecosystem Integration at Scale
AirAsia MOVE processed over $4 billion in gross merchandise value across its travel verticals in 2025. The stablecoin integration requires the blockchain layer to be transparent to average users. Users will see KZTE as a payment option alongside credit cards, e-wallets, and bank transfers. Behind the scenes, Solana handles settlement in under 400 milliseconds, with stablecoin conversion occurring at point of sale.
AirAsia MOVE's loyalty program, AirAsia Points, will reportedly be interoperable with KZTE, allowing users to earn and redeem across both systems.
Technical Infrastructure: Solana and Evo Selection
Solana's Position in Stablecoin Payment Volume
Solana processed more stablecoin payment transactions than any other Layer 1 network in 2026. According to Artemis Analytics data, Solana handled over $1.2 trillion in stablecoin transfer volume in 2025, surpassing Ethereum's mainnet for the first time. The network achieves sub-cent transaction fees and consistent sub-second finality. Solana's Firedancer validator client, fully deployed in early 2026, improved network uptime to 99.95%.
Evo Stablecoin Specifications
Evo (KZTE) launched in mid-2025 within Kazakhstan's Astana International Financial Centre (AIFC) regulatory perimeter. The stablecoin maintains its tenge peg through a reserve model backed by Kazakhstani government bonds and cash equivalents held in AIFC-licensed custodial accounts. Monthly attestation reports, published by a Big Four auditor, verify that reserves match or exceed circulating supply.
The peg has held within a 0.3% band since launch, even during periods of tenge volatility against the dollar. KZTE's mint-and-burn mechanism allows authorized participants to create or redeem tokens at par, keeping arbitrage opportunities tight.
| Feature | Crypto Cards | Evo (KZTE) |
|---------|--------------|------------|
| Form | Payment instrument (card) | Native on-chain stablecoin |
| Backing | USDT → auto-converted to KZT | 1:1 KZT fiat reserves |
| Primary Use | Everyday retail spending | Payments, DeFi, cross-border, travel |
| Tech Layer | Card rails + wallet linkage | Solana blockchain |
Regulatory Framework and National Bank of Kazakhstan Sandbox
The National Bank of Kazakhstan (NBK) established a regulatory sandbox within the AIFC in 2024, specifically designed for stablecoin issuance and digital asset payments. Intebix operates under this sandbox, which imposes requirements around reserve transparency, anti-money laundering controls, and consumer protection.
The sandbox framework provides regulatory clarity for AirAsia MOVE. KZTE is a sanctioned instrument within a defined legal framework, reducing compliance risk for Capital A. Kazakhstan's crypto regulation model has drawn attention from other Central Asian nations, with Uzbekistan and Kyrgyzstan reportedly studying similar sandbox structures.
Mastercard Integration for Fiat Conversion
Mastercard will enable KZTE-to-fiat off-ramps at point-of-sale terminals across Kazakhstan and selected ASEAN markets. A traveler holding KZTE can spend at merchants who do not process stablecoins directly; conversion to local fiat occurs at the network level. Mastercard's participation provides a trust signal for merchants and regulators. For end users, KZTE becomes spendable anywhere Mastercard is accepted, increasing its utility beyond the AirAsia MOVE app.
Economic Impact and Cost Structure
The travel industry processes roughly $9.5 trillion in annual transactions globally. Cross-border card transactions typically carry fees of 2.5% to 3.5%, with currency conversion adding another 1% to 2%. For AirAsia, where average ticket prices hover around $50 to $80, these percentages represent margin pressure.
Stablecoin payments on Solana reduce settlement costs significantly. If 10% of AirAsia MOVE's transactions shift to KZTE within the first year, the savings could exceed $15 million annually. The partnership establishes a template for other travel platforms to replicate.
Implementation Roadmap
The partnership outlined a three-phase roadmap:
- Q4 2026: Flight payment integration
- Q2 2027: Hotel and ground transport integration
- Late 2027: Full Web3 loyalty and rewards layer with on-chain loyalty points and composable rewards across partner merchants
The broader question is whether this model scales beyond Kazakhstan. AirAsia MOVE operates across six countries, each with distinct regulatory environments. Replicating the KZTE model would require stablecoins pegged to the Thai baht, Malaysian ringgit, Indonesian rupiah, and Philippine peso, each with its own reserve structure and regulatory approval.
