The Kyrgyzstan government has decided to end operations of Gold Dollar (USDKG), a state-backed stablecoin, according to Bits media as cited by ChainCatcher. Authorities also ordered the Finance Ministry to liquidate EVA, the token’s issuer, along with Coin Nomad Exchange, described as the country’s first state-owned cryptocurrency exchange.
USDKG was launched by Kyrgyz authorities in November 2025. It was presented at the time as the world’s first state-issued stablecoin backed by physical gold and pegged 1:1 to the U.S. dollar. The issuer was a wholly state-owned company under the Finance Ministry originally registered as “Virtual Asset Issuer,” later renamed EVA. Its registered issuance exceeded 50 million tokens.
The token ran on the Tron blockchain. Officials had positioned it as a cross-border settlement tool and had planned for the project to operate at least until 2034. The shutdown is intended to optimize management of state-owned assets. Holders of USDKG will be able to redeem their tokens for fiat currency or USDT.
The Kyrgyzstan government has decided to terminate the Gold Dollar (USDKG) national stablecoin project, according to Bits media as cited by ChainCatcher. The government also instructed the Finance Ministry to liquidate EVA, the issuer of the token, as well as Coin Nomad Exchange, the country’s first state-owned cryptocurrency exchange.
USDKG was introduced by Kyrgyz authorities in November 2025. At launch, it was described as the world’s first state-issued stablecoin backed by physical gold and pegged 1:1 to the U.S. dollar. The token was issued by a wholly state-owned company under the Kyrgyzstan Finance Ministry called “Virtual Asset Issuer,” which was later renamed EVA. Its registered issuance was slightly above 50 million tokens.
The stablecoin operated on the Tron blockchain. Authorities had positioned it as a tool for cross-border settlements and had planned to keep it running at least until 2034.
The reported reason for the closure is to optimize the management of state-owned assets. Holders of USDKG will be able to redeem the token for fiat currency or USDT.
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