U.S. banking groups have urged regulators to clearly extend anti-money laundering rules for stablecoins beyond issuance to secondary market trading. The crypto industry has pushed back, warning that imposing responsibility for transactions issuers cannot control could shrink the DeFi ecosystem. The debate centres on who should monitor transfers after issuance, including movements between exchanges, DeFi protocols and private wallets, and how far regulatory responsibility should reach.

Hong Kong-licensed digital asset exchange OSL HK has listed USDKG, a gold-backed stablecoin issued by Kyrgyzstan. The token is pegged 1:1 to the U.S. dollar and is backed by physical gold reserves. Professional investors can trade the USDKG/USDT pair on OSL HK\'s over-the-counter platform. USDKG is issued by a state-owned entity under Kyrgyzstan\'s finance ministry, with an initial issuance of $50 million.