Kyrgyzstan issues gold-backed stablecoin USDKG on Tron
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The government of Kyrgyzstan has officially launched USDKG, a stablecoin backed by gold and pegged to the U.S. fiat currency. The authorities in Bishkek expect that the crypto, issued by a state-owned entity, will put the country on the map of global finances and attract investments. Kyrgyzstan to issue 50 million USDKG tokens on Tron Officials in Kyrgyzstan have issued the country’s first stablecoin, backed by physical gold. USDKG is a digital currency pegged to the Greenback. An official ceremony in the capital city was attended by President Sadyr Zhaparov. He was joined by Finance Minister Almaz Baketayev. Also present was Biybolot Mamytov, Chairman of the Board of OJSC “Issuer of Virtual Assets,” the fully state-owned company that’s putting the crypto into circulation. Participates in the event pressed a symbolic “Launch Issue” button, initiating the minting of 50 million USDKG tokens on the Tron blockchain, each equal to one U.S. dollar. Reporting on the development and quoting Zhaparov’s office, the Azerbaijani news agency Trend, which focuses on current events in the Caucasus and Central Asia, noted: “USDKG is crafted as a digital currency, marrying the steadfastness of gold with the cutting edge of blockchain technology.” Kyrgyz authorities say the stablecoin should enhance Kyrgyzstan’s presence in the global financial ecosystem and serve to support the development of Web3 services in the country. The dollar-denominated cryptocurrency is also expected to strengthen interactions between the public and the private sector through various blockchain solutions. Moreover, the government hopes that the USDKG will become a game changer when it comes to the former Soviet republic’s appeal as an investment destination – “opening the floodgates for capital inflows and paving the way for technology partnerships,” as Trend put it. Kyrgyz government making good on stablecoin promise The upcoming launch of what Bishkek describes as the…
