Kyrgyzstan Launches Gold-Backed National Stablecoin

Chairman of the Kyrgyz Cabinet of Ministers Adylbek Kasymaliev has announced that Kyrgyzstan launched its first national stablecoin, USDKG, backed by physical gold.

Kasymaliev made these remarks at the Jogorku Kenesh (Supreme Council), The Caspian Post reports via Kyrgyz media.

Each USDKG token is pegged to one US dollar, with an initial issuance of 50 million tokens.

Kasymaliev also revealed plans for another stablecoin, KGST, which will be pegged to the Kyrgyz national currency. Work is underway to list KGST on international exchanges by the end of the year, marking a significant step in the country’s digital finance development.