Kyrgyz stablecoin USDKG listed on the OSL platform in Hong Kong

The state-backed stablecoin USDKG, issued by Kyrgyzstan, has been listed on the Hong Kong-based digital asset platform OSL. This marks the project’s first entry into one of Asia’s largest regulated markets.

From 21 May, professional investors gained access to USDKG via OSL’s over-the-counter (OTC) infrastructure. Trading commenced in the USDKG/USDT pair.

USDKG is pegged to the US dollar at a 1:1 ratio and is backed by physical gold reserves. The initial issuance volume is $50 million.

According to the project, the listing on OSL is expected to boost institutional investors’ confidence in the Kyrgyz stablecoin. Biibolot Mamytov, Chairman of the Board of JSC “Virtual Asset Issuer”, described the launch on the Hong Kong platform as an “important milestone” for the project.

OSL operates under licences from the Hong Kong Securities and Futures Commission and is considered one of the region’s largest regulated crypto platforms.

USDKG is issued by OJSC “Virtual Asset Issuer”, a company with 100% state ownership. However, operational management and control of the gold reserves are carried out by a private company under an agreement with the issuer.

The stablecoin is already available on the decentralised platforms Curve and Uniswap, and is supported by MetaMask, Ledger Live and Trust Wallet.