The launch of the stablecoin USDKG, registered by the Financial Market Regulation and Supervision Service, is reported by economist.kg.
The issuer of the stablecoin is the Joint Stock Company "Issuer of Virtual Assets," created by the Ministry of Finance. The registration cost 438.5 thousand soms, according to data from the "Open Budget" portal.
USDKG has become the first digital asset issued by the state in the history of Kyrgyzstan. Its exchange rate is pegged to the som, and its backing is provided by the assets of the Ministry of Finance. This project aims to support the digital economy and increase the transparency of financial operations, as well as improve conditions for international settlements.
Changpeng Zhao, the founder of the cryptocurrency exchange Binance, was the first to announce the launch of the stablecoin, emphasizing that Kyrgyzstan has become one of the first countries in Central Asia to issue its own digital asset.
Previously, the President of Kyrgyzstan, Sadyr Japarov, instructed to accelerate the development process of the national stablecoin KGST and to begin testing the digital som. These initiatives are part of the work of the National Council for the Development of Virtual Assets and Blockchain Technologies, which includes representatives from the Ministry of Finance and Binance.
According to information from the project's website, USDKG is backed by gold reserves and the national currency.
