Kyrgyzstan to wind down USDKG state stablecoin, liquidate issuer EVA and Coin Nomad Exchange
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Kyrgyzstan's government is shutting down the state-backed, gold-backed USDKG stablecoin and liquidating its issuer (EVA) and the state-owned Coin Nomad Exchange. With reported issuance just over 50M tokens on Tron, the event is likely contained but reinforces sovereign and regulatory execution risk in state-linked crypto projects. Redemption via fiat or USDT may drive short-term, localized flows into major stablecoins rather than broader market repricing.
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Kyrgyzstan's government has decided to end operations of its national stablecoin, the Gold Dollar (USDKG), and has instructed the Ministry of Finance to liquidate its issuer, EVA, along with the country's first state-owned crypto exchange, Coin Nomad Exchange, according to Bits Media.
USDKG was launched by authorities in November 2025 and was marketed as the world's first state-issued stablecoin backed by physical gold and pegged 1:1 to the U.S. dollar. Its issuer was a state-owned entity fully controlled by the Kyrgyzstan Ministry of Finance, initially set up as "Virtual Asset Issuer" before being renamed "EVA."
On-chain data show issuance slightly above 50 million tokens, running on the Tron blockchain. Officials had positioned USDKG as a cross-border settlement instrument and had planned for the project to operate at least through 2034.
Authorities said the shutdown is intended to optimize state asset management. USDKG holders will be able to redeem their tokens for fiat currency or USDT.
