Кыргызстан запускает инновационный стейблкоин USDKG, обеспеченный золотом Translation: Kyrgyzstan Launches Innovative Gold-Backed Stablecoin USDKG

On November 20, the Kyrgyz Republic conducted its inaugural issuance of the stablecoin USDKG. A total of 50 million USDKG tokens were distributed on the TRON network, as outlined in a press release.

The event was attended by the country’s president, Sadyr Japarov, Finance Minister Almaz Baketaev, and Chairman of the Board of the State-Owned Enterprise «Virtual Asset Issuer» Biibolot Mamytov.

Plans for the launch of USDKG were made public in May 2025. Each token is pegged to the US dollar at a 1:1 ratio and is backed by physical gold.

“USDKG is issued by a company fully owned by the state— the State-Owned Enterprise ‘Virtual Asset Issuer’, which provides a high degree of trust and institutional reliability. Operational oversight, including the gold backing management, is conducted by a private entity registered in the Kyrgyz Republic, which works under a contract with the issuer,” the press release stated.

This division of roles guarantees independent operational oversight and distinguishes USDKG from central bank digital currencies (CBDCs).

Token holders can redeem their USDKG in three ways: for physical gold, US dollars, or cryptocurrency. Completing KYC/AML procedures in accordance with the standards set by the Financial Action Task Force (FATF) will be necessary to facilitate this process.

According to the white paper, the stablecoin will serve as the initial component of a broader strategy for cryptocurrency adoption in the country. Legislative modifications will enable the use of USDKG for international trade transactions.

The USDKG smart contracts have successfully passed an audit conducted by ConsenSys. The gold reserves will undergo regular independent evaluations with reports published to the public. New tokens can only be issued after auditors confirm the addition of new gold backing, as stated in the white paper.

It is worth noting that in October, the National Council for the Development of Virtual Assets and Blockchain Technologies of Kyrgyzstan was instructed to oversee the launch of the KGST stablecoin, pegged to the som, on the BNB Chain blockchain.

In April, the founder of Binance, Changpeng Zhao, became an advisor to the country’s government on cryptocurrency and blockchain issues.