Published
03/05/2026, 14:35Since the beginning of 2026, the nature of advertisements in informal currency trader chat rooms in Kyrgyzstan has changed significantly. Whereas previously the main turnover was in cash dollars, rubles, and tenge, now a significant portion of the messages are offers to buy and sell the stablecoin Tether (USDT).
An analysis of the ads shows that market participants offer face-to-face meetings, cash-for-cryptocurrency exchanges, and an average surcharge of 2.3-3% on the exchange rate. Most often, transactions involve the sale of USDT for cash or transfer to a card.
USDT is a stablecoin, i.e., a cryptocurrency whose value is pegged to the US dollar. It is issued by Tether Limited. It is assumed that 1 USDT is approximately equal to $1, as the token is backed by the company's reserves.
This peg makes the stablecoin a convenient tool for settlements and transfers: it retains the value of the dollar, but can be transferred via blockchain like a regular cryptocurrency.
The most common network for transfers is the TRON blockchain, where USDT is issued in TRC20 format. This network is popular because of its low fees and fast transactions.
Judging by the announcements of currency traders, at the beginning of 2026, the dollar exchange rate and USDT transactions are holding at around 87.65–87.75 KGS per dollar.
Since USDT is pegged to the dollar, transactions with it are carried out at virtually the same rate. At the same time, intermediaries often offer a 2.5–3% surcharge if the client sells cryptocurrency for cash.
The advertisements feature fairly large amounts. In particular, participants offer the following transactions:
Some offers also specify a minimum threshold of 1,000 USDT per transaction.
Previously, illegal currency traders in Bishkek were mainly engaged in the exchange of cash currencies — primarily the US dollar and the Russian ruble. However, the growing popularity of cryptocurrencies is gradually changing the structure of transactions.
Now, some intermediaries offer to exchange USDT for cash KGS or dollars, effectively using stablecoins as a digital analogue of cash currency. Transactions usually take place in person, with participants specifying areas of the city or shopping centers for the exchange.
At the same time, the administrators of such chats usually publish a disclaimer stating that currency exchange without a license is a violation of Kyrgyz law and urge users to conduct transactions through banks or official exchange offices.
Nevertheless, the flow of advertisements shows that the informal currency market is gradually adapting to cryptocurrencies, where stablecoins are increasingly appearing alongside cash.
