Kyrgyzstan Shuts Down USDKG: What Happened to Its State-Backed Gold Stablecoin?

The government of Kyrgyzstan has ordered the shutdown of USDKG, its state-backed gold stablecoin, and instructed the Ministry of Finance to liquidate EVA, the company that issued it, along with Coin Nomad Exchange, the country’s first state-owned crypto trading platform. The official explanation is optimising state participation and improving the