Crypto
Kyrgyzstan to shut national stablecoin USDKG, liquidate issuer and state-run exchange
The Kyrgyz government is stopping its national stablecoin project, USDKG. The government ordered the finance ministry to liquidate USDKG issuer EVA and CoinNomad, the country’s first state-run cryptocurrency exchange. USDKG launched in November 2025 and was promoted as the first state-issued stablecoin backed by physical gold and pegged 1:1 to the U.S. dollar. About 50 million tokens were issued, mainly for cross-border payments. UK sanctions targeted the issuer in May 2026.
