World’s first gold-backed stablecoin: Kyrgyzstan unveils USDKG
Ministry of Finance of Kyrgyzstan announces the registration of the world's first government stablecoin, USDKG, backed by real physical gold, Kabar reports.
The registration was carried out by the State Service for Regulation and Supervision of Financial Markets under the Ministry of Finance of the Kyrgyz Republic.
USDKG is pegged to the US dollar at ratio of 1 USDKG = 1 US dollar and is backed by gold, making it a unique instrument combining the reliability of gold and blockchain technology.
Kyrgyzstan has become the first country in the world to officially issue a gold-backed government stablecoin. First USDKG issue and listing on centralized and decentralized exchanges are planned for the coming days. The issue is being implemented as part of an approved pilot project aimed at developing the digital economy and strengthening the financial sovereignty of the Kyrgyz Republic.
Announcement will be published prior to the issuance, detailing the mechanism, volume, and date of issue. USDKG offers the world a new financial standard based on transparency, reliability, and the backing of real assets. Each token is backed by physical gold under state control, making the project a symbol of fair and secure stablecoins.
The launch of USDKG has generated global interest, paving the way for Kyrgyzstan to become a center of financial innovation and creating a foundation for long-term economic growth and investment. It is important to note that the project is not related to the initiative to develop a national stablecoin, KGST, and digital som, which are being considered by the National Council for the Development of Virtual Assets and Blockchain Technologies.
These initiatives are parallel, implemented within the framework of common digital strategy, but have different goals, mechanisms, and support.
Ministry of Finance of the Kyrgyz Republic urges the media and the public to rely only on official sources of information posted on the Ministry's official resources and in registered government publications.
Earlier, it was reported that Japan had launched the first yen-pegged stablecoin as digital payments gained momentum.