Kyrgyzstan launches $50 million of tokens in national stablecoin
Published on: Wednesday 12 November 2025
BISHKEK (Reuters) -Kyrgyzstan has launched over $50 million worth of its national stablecoin, USDKG, backed by gold and pegged to the U.S. dollar, the country’s financial regulator said this week. Separately, the government on Wednesday ordered a nationwide shutdown of crypto mining amid a worsening electricity shortage. Kyrgyzstan, a mountainous former Soviet republic of around 7 million people, has tried to position itself as a cryptocurrency leader in Central Asia, even as Western countries have sanctioned Kyrgyz crypto companies they say are aimed at facilitating sanctions evasion by Bishkek's close ally, Russia.
