The Kyrgyz government is halting the national stablecoin USDKG project.
Bitsmedia recently reported that the Kyrgyz government instructed the finance ministry to liquidate USDKG issuer EVA and the CoinNomad exchange. CoinNomad is Kyrgyzstan’s first state-run cryptocurrency exchange.
USDKG was launched in November 2025. Kyrgyzstan had highlighted USDKG as the world’s first state-issued stablecoin backed by physical gold and pegged 1:1 to the U.S. dollar. About 50 million tokens were issued, and it was mainly used for cross-border payments.
Britain, meanwhile, put the USDKG issuer on its sanctions list in May 2026 on allegations of supporting the Russian government.
Kyrgyz officials said the shutdown was intended to streamline the management of state-owned assets. USDKG holders can redeem their tokens for fiat currency or USDT.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr