Kyrgyzstan government reportedly terminates operations of national stablecoin USDKG and liquidates related entities
BIBIBI
AT A GLANCE
According to reports, the Kyrgyzstan government decided to terminate operations of USDKG and liquidate EVA and Coin Nomad Exchange。
Article
【Kyrgyzstan government terminates national stablecoin USDKG operations and liquidates issuer’s exchange】
The Kyrgyzstan government has decided to terminate operations of the national stablecoin Gold Dollar (USDKG) and instructed the Ministry of Finance to liquidate its issuer,EVA and the country’s first state-owned cryptocurrency exchange,Coin Nomad Exchange. The stablecoin was launched by the country’s authorities in 2025 and November was initially positioned as the world’s first state-issued stablecoin backed by physical gold and 1: 1 pegged to USD. The issuer was the state-owned company “Virtual Asset Issuer,” wholly owned by the Kyrgyzstan Ministry of Finance, later renamed “EVA”, with a registered issuance of slightly more than 50000000 tokens. The token operates on the Tron blockchain. The authorities had positioned it as a cross-border settlement instrument and planned to operate it at least until 2034. The closure aims to optimize the management of state-owned assets;USDKG holders can redeem the tokens for fiat currency or USDT。
Key points
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According to reports, the Kyrgyzstan government decided to terminate operations of the national stablecoin Gold Dollar (USDKG).
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According to reports, the Ministry of Finance was instructed to liquidate the USDKG issuer EVA and Coin Nomad Exchange。
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USDKG was launched by the country’s authorities in 2025 and November had a registered issuance of slightly more than 50000000 tokens.
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According to reports,USDKG was backed by physical gold and pegged at 1: 1 to USD, and operated on the Tron blockchain.
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According to reports,EVA was a state-owned company wholly owned by the Kyrgyzstan Ministry of Finance, formerly named “Virtual Asset Issuer.”
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The authorities had positioned USDKG as a cross-border settlement instrument and planned to operate it at least until 2034.
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According to reports,USDKG holders can redeem the tokens for fiat currency or USDT。
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According to reports, the closure aims to optimize the management of state-owned assets.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
USDKG was originally a stablecoin with USD as its price anchor and backed by physical gold. According to these materials, the government has now decided to cease operations of the token while liquidating the issuing company and related state-owned exchange; holders were told they could convert it into fiat currency or USDT。
Why it matters to readers
Project termination will affect the continued use and expected liquidity of USDKG; liquidation of the issuer and exchange may also affect related business operations and holders’ redemption arrangements.
If you hold USDKG, you should focus on the redemption channels, deadlines, and actual settlement arrangements; if you do not hold it, this can also serve as a case study for understanding stablecoin issuer and policy risks.
Risks and unknowns
The existing evidence consists only of a single Telegram post and does not include an official announcement from the Kyrgyzstan government or Ministry of Finance.
It remains unclear how USDKG can be redeemed for fiat currency or USDT, including the specific process, deadlines, and redemption conditions.
It remains unclear how the assets, customers, and liabilities of EVA and Coin Nomad Exchange will be handled.
It cannot be confirmed from the available evidence whether the closure and liquidation arrangements have formally taken effect.
Related Developments
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Related concepts
Stablecoin
An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
