Kyrgyzstan shuts down gold-backed USDKG stablecoin

Kyrgyzstan has ordered the shutdown of its state-issued stablecoin USDKG. A cabinet directive dated 20 August 2026 calls for halting all network operations and liquidating both the issuer EVA and the affiliated exchange Coin Nomad Exchange.

The token was introduced in November 2025, backed one-to-one by physical gold and pegged to the US dollar. It gained a listing on Hong Kong’s OSL platform in May 2026 with roughly $50 million in circulation.

The same month, the UK imposed sanctions on the issuing company as part of its Russia-related measures. Assets were frozen and trading became impossible, forcing the project to close less than a year after launch.

Holders may swap their tokens for fiat or USDT, yet the entire setup—including the exchange—will now be wound up.

Based on information from cryptonews.net