(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, November 20. The Kyrgyz Republic has officially launched its first gold-backed stablecoin, USDKG, a digital currency pegged to the US dollar and fully backed by physical gold, Trend reports via the Kyrgyz president's office.

President Zhaparov attended the launch ceremony, joined by Finance Minister Almaz Baketayev and Biybolot Mamytov, Chairman of the Board of OJSC "Issuer of Virtual Assets." During the event, participants pressed the "Launch Issue" button, initiating the circulation of 50 million USDKG tokens on the Tron blockchain, each equivalent to one US dollar.

USDKG is crafted as a digital currency, marrying the steadfastness of gold with the cutting edge of blockchain technology. Officials highlighted that the stablecoin is expected to enhance Kyrgyzstan's presence in the global financial ecosystem, support the development of Web3 services, and strengthen public-private sector interactions through blockchain solutions.

The government also made it clear that USDKG will be a game changer for the country's investment appeal, opening the floodgates for capital inflows and paving the way for technology partnerships. The stablecoin is issued by a fully state-owned company, OJSC "Virtual Assets Issuer."

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