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. — link