Kyrgyzstan’s stablecoin set for international exchange listing
Kyrgyzstan has taken another step into the digital finance arena with the launch of its national stablecoin, USDKG, Kabar reports.
Cabinet Chairman Adylbek Kasymaliev announced during a session of the Jogorku Kenesh (Kyrgyz Parliament) that the first issuance has already been completed.
According to Kasymaliev, each USDKG token is fully backed by physical gold and pegged to the U.S. dollar. A total of 50 million tokens have been released in this initial issuance.
He also revealed that the development of the second digital currency, the KGST stablecoin, is underway. It will be tied directly to Kyrgyzstan’s national currency, the som. Plans are in place to list KGST on international cryptocurrency exchanges by the end of the year, marking a significant milestone in the country’s financial innovation.
Earlier, Qazinform reported that Kyrgyzstan was planning to create state cryptocurrency reserve and state-owned mining.