Bishkek, Kyrgyz Republic, Nov. 29, 2025 (GLOBE NEWSWIRE) — A gold-backed stablecoin named USDKG has been introduced in the Kyrgyz Republic with an initial issuance amount of approximately $50 million. The token is pegged 1:1 to the U.S. dollar, issued on the Tron network, and reviewed by ConsenSys Diligence. Support for Ethereum is planned at a later stage.
The issuer, OJSC Virtual Asset Issuer, is a company operating under the 2022 Law on Virtual Assets. The project is presented as part of the country's regulatory framework for digital assets.
A launch event was attended by government officers, CEO of Gold Dollar, the operator contracted for the project. Participants pressed a symbolic button to mark the start of circulation.
According to project information, 50 million USDKG tokens were created, each reportedly backed by physical gold. The operator has mentioned an intention to expand backing to $500 million and, in later phases, possibly up to $2 billion. These plans are subject to regulatory approval, available reserves, and market conditions.
The project follows KYC/AML procedures aligned with FATF recommendations, and redemptions require standard identity verification. Representatives describe the stablecoin as intended for use in regulated financial settings and cross-border payment scenarios.
Kyrgyzstan is among the first countries in Central Asia to implement a legal framework governing virtual assets. Government officials noted that USDKG operates within this framework and is not intended to replace or compete with the national currency.
Project materials describe the gold backing and on-chain verification as measures intended to provide transparency for users, though independent validation of reserves beyond project disclosures has not been detailed publicly. The initiative reflects a broader interest in the region in exploring blockchain-based financial tools under regulatory oversight.
With USDKG, the project is positioned as one example of regulated asset-backed digital instruments being developed under existing national laws, while leaving future adoption and impact to market use rather than policy direction.
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