Derived from BitJie, Kyrgyzstan has officially launched USDKG, a gold-backed stablecoin pegged 1:1 to the US dollar, with an initial issuance of $50 million. The token is issued on Tron, audited by ConsenSys Diligence, and plans to support Ethereum. The issuer, OJSC Virtual Asset Issuer, is a state-owned enterprise under the Ministry of Finance, operating under Kyrgyzstan’s 2022 Virtual Asset Law. The launch was attended by President Sadyr Japarov, Finance Minister Almazbek Baktiyarov, and CEO of Gold Dollar Bibolot Mamitov. USDKG is fully backed by physical gold reserves, with operational control delegated to a private company registered in Kyrgyzstan. The project is the first in Central Asia to combine sovereign regulation with blockchain transparency. The gold reserves are planned to expand to $500 million in the next phase, with a long-term goal of $2 billion. USDKG complies with FATF KYC/AML standards and is designed to promote financial inclusion. Kyrgyzstan is among the first in the region to establish a comprehensive digital asset regulatory framework, setting a precedent for state-regulated virtual currencies. Government officials emphasized that the initiative aims to enhance economic transparency and trade efficiency, not serve geopolitical purposes. USDKG is positioned as a complement, not a competitor, to the national monetary system.
Kyrgyzstan Launches $50M Gold-Backed Stablecoin USDKG for Cross-Border Payments Modernization
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