Kyrgyzstan Makes History with Launch of Gold-Backed National Stablecoin

Bishkek has officially launched USDKG - the Kyrgyz Republic’s new national stablecoin backed by physical gold and pegged to the US dollar.

President Sadyr Japarov, Finance Minister Almaz Baketayev, and Biybolot Mamytov, Chairman of the Board of “Issuer of Virtual Assets” company attended the launch ceremony, The Caspian Post informs via Kazakh media.

Some 50 million USDKG tokens have now been issued on the Tron blockchain. Each token equals one US dollar and is fully backed by physical gold, making USDKG a state-supported, gold-backed digital asset designed to offer transparency, security, and long-term stability.

Officials say the rollout of USDKG marks an important step toward strengthening Kyrgyzstan’s presence in the global financial system. The new stablecoin is expected to accelerate the development of Web3 infrastructure, foster cooperation between the public and private sectors, and boost the country's investment appeal by attracting new capital and tech partnerships.

Earlier, the Kyrgyz Ministry of Finance announced the registration of the world’s first government-issued gold-backed stablecoin.

The information went viral that Kazakhstan recently launched its own national stablecoin, Evo, pegged to the tenge and operating on the Solana blockchain with Mastercard’s participation.