Kyrgyzstan has also launched its national stablecoin KGST, pegged to the KGS

Kyrgyzstan has officially released its first national stablecoin KGST, backed by KGS at a 1:1 ratio. According to the developers, the token has already been deployed on the BNB Chain network and has passed a smart contract audit, as well as an expert review of the white paper.

The main innovation is that KGST has become the first fully state-owned digital asset backed by the national currency, whereas the previously introduced USDKG was pegged to the US dollar and backed by gold. Now the country effectively has two different state stablecoins — “external” and “internal”: USDKG for international settlements and KGST for domestic circulation.

The creator of the new token is KGSToken LLC. According to official data, its reserves are stored in Kyrgyzstan's state banks, and all operations are carried out in accordance with international KYC/AML standards.

Test transactions with KGST have already been carried out on the world's largest global and regional crypto exchanges, including Binance. An official listing and the appearance of trading pairs with USDT, USDC, BNB, and BTC are expected in the near future.

There are also reports of the imminent launch of the KGST mobile app, which will allow users to store and use the token in everyday transactions.

Thus, Kyrgyzstan is becoming one of the first countries in the world to have two state-backed stablecoins in operation at the same time — backed by gold and the national currency.