Kyrgyzstan Orders Liquidation of USDKG Issuer and Exchange

Kyrgyzstan has ordered the liquidation of OJSC EVA, issuer of the gold-backed USDKG stablecoin, and OJSC Coin Nomad Exchange, ending a government-backed digital-finance project launched less than a year ago.

Cabinet of Ministers Order No. 639-t, dated Aug. 20, directs the liquidation of both entities. The USDKG project said its operations, including activity on blockchain networks, will cease.

USDKG holders may contact the project by email to exchange their tokens for fiat currency or USDT. The notice does not provide a redemption deadline, exchange procedure or eligibility requirements.

USDKG began its first issuance on Nov. 20, 2025, with 50 million tokens designed to track the U.S. dollar. Project materials described reserves including 30 gold bars weighing about 376 kilograms and valued at approximately $50.3 million when inspected.

The order cites management of state assets and state participation in commercial companies. Separately, the U.K. designated OJSC “Virtual Asset Issuer” under Russia-related sanctions on May 26, identifying USDKG and USDKG.com as name variations and alleging the entity supported or benefited Russia’s government. The sanctions notice does not name EVA or Coin Nomad Exchange or establish that the designation caused the liquidation.