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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. stocks closed higher, Dow Jones hit a new record, AMD rose 9%
The three major U.S. stock indexes closed mixed.
The Dow Jones Index closed up 326.86 points, and the S&P 500 rose slightly.
Federal Reserve's Collins: Unwilling to further ease policy, must ensure inflation returns to 2% target
