The Solana Foundation has partnered with Kazakhstan to launch the Solana Economic Zone, targeting tokenized capital markets and talent development.
The Solana Foundation has extended its winning streak by announcing a partnership with Kazakhstan to establish a special economic zone.
Dubbed the Solana Economic Zone, the collaboration brings Kazakhstan one step closer to its digitization goals as Solana continues to gain institutional interest.
Solana Foundation launched Solana Economic Zone.
Members of the Solana Foundation came together to launch the Solana Economic Zone in Kazakhstan in collaboration with the Digital Development, Innovation and Aerospace Industry (MDAI).
According to an official report, the parties have signed a memorandum of understanding for Solana Economic Zone Kazakhstan (SEZ KZ), the first of its kind in Central Asia.
The signing ceremony took place in the capital Astana, attended by blockchain experts, regulators, and key stakeholders. Representatives of Solana Foundation and MDAI revealed that the zone will create a raft for both parties.
For starters, the Solana Economic Zone will build a fleet of digital asset service providers for Kazakhstan and provide investor engagement for new startups.
The parties are hoping to replicate the success of the Dubai Multi-Commodity Center (DMCC), tipping the zone to act as a "launch pad for pilot projects".
The signing ceremony unveiled three objectives, the first of which was the promotion of tokenized capital markets within Kazakhstan's financial ecosystem. Secondly, MDAI and Solana Foundation will launch a national blockchain education program to deepen the Web3 talent pool.
Finally, the Solana Economic Zone will seek to attract international Web3 companies by providing regulatory support and infrastructure access.
“We are committed to building a resilient and competitive digital environment,” read the MDAI statement. “Project like the Solana Economic Zone allow us to test and implement next-generation solutions – from asset tokenization to cultivating Web3 talent
Solana is now eyeing institutional use cases as memecoin activity dries up, famously losing its dominance over BNB China.
Increasing institutional utility for the network
After years of being tagged as a blockchain solely for memecoin activity, Solana is increasing its real-world utility.
A report from Cantor Fitzgerald said that Solana will surpass Bitcoin and Ethereum as a treasury asset, increasing corporates' inclusion of the asset in their reserves.
Sol Strategies and MemeStrategy are the latest corporations to add SOL to their corporate coffers, adding millions to buy the asset.
Additionally, the high likelihood of a Solana-based ETF being approved is signaling renewed institutional interest for the network that is promoting the Solana Economic Zone's buzz.
In terms of stablecoin, Solana and Aptos are emerging as a preferred blockchain for the upcoming Wyoming stablecoin. Outside of Stablecoins, Polymarket, Ondo Finance and BlackRock's BUIDL have previously provided support for Solana.