Kyrgyzstan is winding down the state-backed USDKG stablecoin project, RBC reports.
A Cabinet of Ministers order dated August 20, 2026 was published on the project’s website.
The USDKG stablecoin was launched in November 2025. The tokens, pegged to the US dollar and backed by physical gold, were issued by Virtual Asset Issuer. The Ministry of Finance was the company’s sole shareholder.
In May this year, the United Kingdom imposed sanctions on Virtual Asset Issuer, after which the company was renamed EVA. The Cabinet’s order provides for the company’s liquidation. Coin Nomad Exchange, the country’s first state-owned cryptocurrency exchange, is also being shut down.
Earlier, Kyrgyzstan terminated the operations of 16 companies to minimize…