Kyrgyzstan Ends State-Backed Stablecoin USDKG and Orders Liquidation of Issuer and Exchange
Kyrgyzstan has decided to end operations of its state-backed stablecoin Gold Dollar (USDKG) and ordered the Finance Ministry to liquidate its issuer EVA and the country’s first state-owned crypto exchange, Coin Nomad Exchange. According to ChainCatcher, the stablecoin was launched by authorities in November 2025 and was initially presented as the world’s first state-issued stablecoin, backed by physical gold and pegged 1:1 to the U.S. dollar.The issuer was a state-owned company fully controlled by the Kyrgyz Finance Ministry and later renamed EVA. The registered supply was slightly above 50 million tokens, and the token ran on the Tron blockchain. Authorities had previously described USDKG as a cross-border settlement tool and planned to operate it at least through 2034. The shutdown is intended to improve state asset management, and USDKG holders will be able to redeem tokens for fiat currency or USDT.