Kyrgyzstan has officially issued its first national stablecoin, USDKG, the Ministry of Finance announced. The state-backed digital asset is pegged to the Kyrgyz som. According to data from the Open Budget portal, the issuance cost the national budget 438,480.75 soms.
The stablecoin’s release was registered a week ago with the Financial Market Regulation and Supervision Service.
The issuer of the asset is Virtual Asset Issuer JSC, whose sole founder is the Ministry of Finance.
USDKG thus becomes Kyrgyzstan’s first government-backed digital asset.
In late October, Binance founder Changpeng Zhao was the first to announce that the country had launched a national stablecoin.
Earlier, the President of Kyrgyzstan instructed the government to launch the KGST stablecoin and begin testing the digital som. The issue was discussed during a meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies, attended by President Sadyr Japarov and Binance founder Changpeng Zhao.
