Kyrgyzstan issues national stablecoin USDKG, with an initial supply of approximately 50.14 million tokens

Foresight News reported, citing Reuters, that Kyrgyzstan has announced the launch of a national stablecoin, USDKG, which is backed by gold reserves and pegged 1:1 to the US dollar. The initial issuance exceeds 50 million USD (a total of 50,140,738 tokens), and is issued by a state-owned enterprise controlled by the Ministry of Finance, mainly for cross-border payments and international trade. The Ministry of Finance plans to increase the supporting reserves to 2 billion USD. In addition, due to electricity shortages, the government has ordered a nationwide suspension of crypto mining operations.