Add as a preferred source on GoogleKyrgyzstan Ends USDKG Stablecoin Project, Orders Liquidation
USDKG launched in November 2025 as a token reportedly backed by physical gold and pegged 1:1 to the U.S. dollar, with about 50 million tokens issued.
Kyrgyzstan has ended its USDKG stablecoin project and ordered the Finance Ministry to liquidate EVA, the token’s issuer, and Coin Nomad Exchange, the country’s first state-owned cryptocurrency exchange.
USDKG launched in November 2025 as a token reportedly backed by physical gold and pegged 1:1 to the U.S. dollar. Its issuance reached about 50 million tokens, and the project was mainly used for cross-border settlement.
USDKG holders can exchange the tokens for fiat currency or Tether’s USDT.
The United Kingdom placed USDKG’s issuer, EVA, on its sanctions list in May 2026, alleging that the company supported the Russian government through an economically significant business.
The liquidation order affects both the stablecoin issuer and the exchange created to support the country’s digital-asset infrastructure.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.