Review of main blockchain currencies from Monoup
Digital currencies issued by central banks were, until recently, a topic confined to behind-the-scenes discussions. However, today, they are becoming a reality, bringing us closer to fully digital economies. A set of countries are actively developing or already testing their CBDCs (Central Bank Digital Currencies). The journey toward digital currencies began with the statement that cash would gradually fade into the past, while traditional cashless payments are not always convenient or fast. Blockchain technology demonstrated that money could exist in a programmable digital form while remaining under the governmental control. For many governments, this is the greatest value of CBDCs — the ability to precisely monitor money flows, ensuring that cash isn’t stashed away or circulating outside the tax system.
The nature of these currencies is that they represent a third form of money, alongside cash and traditional cashless funds (at least for now). They operate faster, while central banks retain full control over issuance and circulation. Their applications are broad — from government payments to international settlements and even retail purchases. Today, we’ll examine the key digital currencies that have already launched and explore their unique features.
Kazakhstan: Digital Tenge and Evo Stablecoin
Kazakhstan was one of the first in its region to begin large-scale implementation of a digital currency. The project launched in 2023, and by the end of 2024, 228 billion digital tenge were already in circulation. The first transaction using the digital tenge took place on November 15, 2023.
Digital funds are used to finance infrastructure projects, such as the construction of railways and gas pipelines, and mechanisms for token labeling have been introduced for VAT payments. In 2025, the third phase of implementation began, focusing on developing the legal framework and a platform for cross-border payments.
A distinctive feature of Kazakhstan’s approach is that the digital tenge is programmable. It can be used for payments via online acquiring, mobile apps, POS terminals, and even in areas with unstable internet access. The exchange rate is pegged 1:1 to the regular tenge, and it is recognized as legal tender alongside cash.
Parallel to this, on September 23, 2025, Kazakhstan launched the Evo stablecoin (KZTE), also pegged 1:1 to the tenge. The project was implemented with the participation of the Intebix cryptocurrency exchange, Eurasian Bank, the Solana blockchain platform, and the Mastercard payment system. Evo was launched under the regulatory sandbox of the National Bank to integrate the crypto market with the traditional financial system. We covered this in our Telegram channel.
With the Evo stablecoin, users can exchange cryptocurrencies and use it for payments via crypto cards. Mastercard plans to integrate Evo into its global network of stablecoin issuers, enabling KZTE for international transactions. While citizens cannot yet directly pay for goods and services with the new stablecoin, storing funds in Evo is already available.
China: Digital Yuan (e-CNY)
China is the undisputed leader in CBDC development. Work on the digital yuan began as early as 2014–2015, and in May 2020, the People’s Bank of China launched a pilot program in four cities. The official name is e-CNY (electronic Chinese yuan).
As of the end of July 2025, the total transaction volume in digital yuan exceeded 8.5 trillion yuan ($1.19 trillion). By July 2025, the digital yuan was being piloted in 26 provinces and cities across China. In 2023, the app introduced NFC functionality, allowing payments without an internet connection. The system includes smart contracts for targeted payments and expense tracking, offline payments via NFC and Bluetooth, and biometric integration.
China uses a two-tier model: The People’s Bank issues e-CNY and distributes it to commercial banks, which act as authorized operators and distribute the currency to the public (a similar principle is used in Dubai with the digital dirham). Major platforms like JD.com, Alipay, and WeChat Pay have already integrated the digital yuan.
The difference from traditional money is that e-CNY exists only in digital form but has the status of legal tender and is backed by the central bank. No interest is accrued on the digital yuan, and authorized operators do not charge fees for storage, exchange, or transactions. China is actively promoting e-CNY as a tool for economic independence from the dollar through the cross-border mBridge project, involving the UAE, Thailand, and Hong Kong. This will allow some foreign trade operations to be conducted in digital yuan, reducing reliance on SWIFT. While progress is being made, SWIFT remains the dominant system for international transfers.
USA: Tether’s USA₮ Stablecoin
Unlike government-backed CBDCs, Tether — the issuer of the largest stablecoin, USDT, with a market capitalization of over $169 billion — has decided to create a regulated product specifically for the U.S. market. On September 12, 2025, Tether announced the launch of USA₮, a stablecoin fully compliant with U.S. regulatory requirements. These requirements are primarily outlined in the recently passed GENIUS Act, which establishes federal standards for stablecoin issuers. The token will use Tether’s RWA platform technology, Hadron, and will be issued by the federally licensed crypto bank Anchorage Digital. Reserves will be held by Cantor Fitzgerald, ensuring a 1:1 peg to the U.S. dollar.
The difference between USA₮ and Tether’s flagship USDT is that the new token is designed for the U.S. market with transparent reserves and strict governance. Tether is one of the largest holders of U.S. Treasury bonds, ranking 18th globally — ahead of Germany, South Korea, and Australia. The launch of USA₮ is planned for the end of 2025.
UAE: Digital Dirham
The United Arab Emirates is also actively moving toward its own digital currency. The Governor of the UAE Central Bank announced the launch of the digital dirham in the fourth quarter of 2025.
The Central Bank signed an agreement with cloud service provider G42 Cloud and technology consortium R3 to build the infrastructure for the digital dirham. The first phase of implementation includes a “soft launch” of mBridge for use in international trade, testing the concept of bilateral CBDC bridges with India, and domestic issuance for wholesale and retail use.
The digital dirham will be available through authorized financial institutions — banks, exchange offices, and fintech companies. The new currency will be accepted across all payment channels, similar to cash.
According to the Central Bank Governor, the digital dirham will promote the development of innovative digital products and services, reduce costs, and expand access to international markets. The use of blockchain technology will enhance financial stability and improve the effectiveness of combating financial crimes.
In parallel with the government initiative, private projects are also developing in the UAE. Tether announced the launch of the UAE₮ stablecoin, pegged to the dirham, and the local issuer AED Stablecoin received preliminary regulatory approval.
The Future of Digital Currencies
Given these developments, it’s safe to say that central bank digital currencies are moving beyond the experimental stage and becoming a real tool that most citizens will soon use. Each country is choosing its own approach, and only time will tell which one proves most advantageous.
Monoup is closely following these developments, and we keep you updated through our Telegram channel and website reviews. Such projects can indeed be highly beneficial — they can save on transfer costs, significantly speed up transactions, and bring people without direct access to banking services into the economy.
However, risks remain: privacy concerns and the potential for total government control, which is particularly relevant for China and the UAE. While traditional cryptocurrencies promised anonymity and security, digital currencies do not adhere to these principles and will essentially be fully transparent. Thus, governments are moving toward eliminating cash (which is extremely difficult to track) and creating open systems where every transaction is visible.
Is this good for the economy and individual citizens? It’s hard to say for sure, but the course is clearly set toward complete transparency of all data.
