Kyrgyzstan’s Ministry of Finance will launch USDKG stablecoin with a peg to the dollar
The asset will be backed by gold and will be launched in Q3
05.05.2025 - 11:30
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What’s new? Kyrgyzstan will launch its own stablecoin with a dollar peg and gold backing. According to Gabriel Guerra, the project’s consultant, at the Token2049 conference in Dubai, the asset under the USDKG ticker will be launched by the Ministry of Finance in Q3 of this year.
What else is known? Stablecoin with collateral in precious metal in the amount of $500 million is designed to facilitate seamless cross-border transfers, which account for 30% of Kyrgyzstan’s GDP.
The collateral will eventually be increased to $2 billion, and the asset will also undergo audits from third-party companies.
Gold has long been considered a highly liquid and risk-free savings vehicle, but its periodic fluctuations pose a potential risk to USDKG’s stability. To mitigate the risks, the asset will be over-collateralized.
According to Guerra, its primary use case will be to move capital across borders:
“The stablecoin will be used in cross-border transactions and international trade with an initial focus on Central Asia and expansion into Southeast Asia and the Middle East planned for later.”
US Treasury has allowed the possibility of stablecoin capitalization to grow by 8 times in three years
Department officials noted that this type of asset is used as cash on the blockchain
USDKG holders can exchange their stablecoins for physical gold and other crypto assets, or withdraw them as fiat currency.
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