Odaily Planet Daily News Kyrgyzstan plans to launch a gold-backed stablecoin pegged to the US dollar, the Gold Dollar (USDKG), in the third quarter of this year. The stablecoin will be backed by $500 million in gold from the Kyrgyz Ministry of Finance and aims to facilitate smooth cross-border transfers in the country, where remittances account for 30% of GDP. In addition, the stablecoin plans to expand its reserves to $2 billion.
According to people familiar with the matter, USDKG is designed for cross-border transactions and international trade, initially focusing on the Central Asian market and expanding to Southeast Asia and the Middle East in the future. (Coindesk)