Kyrgyzstan launches first gold-backed stablecoin

President of Kyrgyzstan Sadyr Zhaparov, Minister of Finance Almaz Baketayev and Chairman of the Board of OJSC "Issuer of Virtual Assets" Biybolot Mamytov participated in the ceremony.

According to the Kyrgyz President’s press service, the event marked the official launch and circulation of 50 million USDKG tokens on the Tron network.

Each token is equivalent to one US dollar and fully backed by physical gold. USDKG is a gold-backed stablecoin fully supported by the Kyrgyz Republic. Developed as a transparent, safe and stable digital coin, USDKG combines reliability of the gold with the efficiency of blockchain technologies.

“The launch opens up new opportunities for strengthening Kyrgyzstan’s position in the global financial system. It forms a basis for the development of infrastructure of the Web3 ecosystem of decentralized services, ensuring collaboration of the state and private sector through the blockchain solutions. USDKG raises investment attractiveness of the state, creating conditions for the inflow of capital and technological partnerships,” a statement reads.

Earlier, it was reported that the Kyrgyz Ministry of Finance announced the registration of the world's first government stablecoin, USDKG, backed by real physical gold.

Qazinform News Agency also reported that Kazakhstan has officially launched its first national stablecoin, Evo, which is pegged to the tenge and operates on the Solana blockchain network with the involvement of Mastercard