"Kyrgyzstan to Launch Gold-Backed Stablecoin in Q3"
Son Min
Summary
- Kyrgyzstan is set to launch the gold-backed stablecoin 'USDKG' in the third quarter.
- This stablecoin is supported by $500 million worth of gold, with plans to increase the reserves to $2 billion.
- USDKG is intended for use in international trade, with plans to expand its usage to Southeast Asia and the Middle East.
Kyrgyzstan is set to launch a gold-backed stablecoin pegged to the US dollar, 'Gold Dollar (USDKG)', in the third quarter of this year.
According to CoinDesk on the 5th (local time), Kyrgyzstan will launch the gold-backed stablecoin 'USDKG' in the third quarter of this year. This stablecoin is supported by $500 million worth of gold provided by the Ministry of Finance, with plans to increase the reserves to $2 billion in the future.
A representative of USDKG stated, "We plan to use USDKG in international trade and expand its usage to Southeast Asia and the Middle East in the future."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit