Kyrgyzstan shuts down state-backed USDKG stablecoin and orders liquidation of issuer EVA and Coin Nomad Exchange
Kyrgyzstan has decided to shut down USDKG, its $50 million state-backed gold stablecoin, and ordered the liquidation of issuer EVA and of Coin Nomad Exchange, the country's first state-owned crypto exchange. USDKG launched in November 2025, pegged 1:1 to the U.S. dollar and backed by physical gold, primarily for cross-border payments. The UK sanctioned the issuer in May 2026 over alleged support for Russia, and crypto.news reports the shutdown follows sanctions against entities linked to the project.
Kyrgyzstan has decided to shut down USDKG, its $50 million state-backed gold stablecoin, and ordered the liquidation of issuer EVA and of Coin Nomad Exchange, the country's first state-owned crypto exchange. USDKG launched in November 2025, pegged 1:1 to the U.S. dollar and backed by physical gold, primarily for cross-border payments. The UK sanctioned the issuer in May 2026 over alleged support for Russia, and crypto.news reports the shutdown follows sanctions against entities linked to the project.
Key facts
- Kyrgyzstan decided to shut down USDKG, its $50 million state-backed gold stablecoin project.
- Kyrgyzstan ordered the liquidation of USDKG issuer EVA and of Coin Nomad Exchange, the country's first state-owned crypto exchange.
- USDKG launched in November 2025, pegged 1:1 to the U.S. dollar and backed by physical gold, primarily for cross-border payments.
- The UK sanctioned USDKG's issuer in May 2026 over alleged support for Russia.
- The project had earlier been accused of helping Russian authorities circumvent international sanctions, per the report.
- The USDKG shutdown reportedly follows UK sanctions against entities linked to the project, per a crypto.news post on 2026-10-08.
Sources · 2 sources
- CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Kyrgyzstan shuts down $50M state-backed gold stablecoin USDKG The move follows UK sanctions against entities linked to the project, forcing the country to halt the stablecoin initiative backed by gold reserves. https://t.co/CuliYVQwEa
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Kyrgyzstan Ends State-Backed Stablecoin Project Months After UK Sanctions Kyrgyzstan has decided to shut down USDKG, its $50 million state-backed gold stablecoin project, and ordered the liquidation of issuer EVA and Coin Nomad Exchange, the country's first state-owned crypto exchange. Launched in November 2025, USDKG was pegged 1:1 to the U.S. dollar and backed by physical gold, primarily for cross-border payments. The UK sanctioned its issuer in May 2026 over alleged support for Russia.
Open source