Kyrgyzstan Launches State‑Supervised Gold‑Backed Stablecoin USDKG
A state-owned issuer under the Finance Ministry debuted a $50 million tranche on Tron with a U.S. dollar peg, positioning the token as regulated, not a central bank currency.
Overview
- Tokens are issued by OJSC Virtual Asset Issuer, a state-owned company overseen by the Ministry of Finance, with 50,000,000 USDKG entering circulation at launch.
- Backers say each unit is fully backed by physical gold and the codebase has been audited by ConsenSys Diligence, though these claims come from project statements.
- The project outlines plans to scale gold reserves to $500 million and ultimately $2 billion to support wider issuance as demand grows.
- USDKG is initially deployed on the Tron network, with the team indicating planned support for Ethereum to increase interoperability.
- The launch follows recent amendments to Kyrgyzstan’s ‘On Virtual Assets’ law and is presented by officials as Central Asia’s first state‑supervised gold‑backed digital currency, with AML/KYC checks required for redemptions.