Kyrgyzstan Just Launched a Gold-Backed Dollar Stablecoin — and Washington Might Hate It

Kyrgyzstan is preparing to launch a stablecoin denominated in US dollars but backed by its substantial gold reserves. Analysts argue that the move undermines Washington’s efforts to bolster the dollar’s dominance by using stablecoins to drive demand for US Treasuries. They also see it as a potential geopolitical test case for countries aiming to circumvent American sanctions. USDKG Debuts With $50 Million Issuance Kyrgyzstan’s financial regulator announced on Wednesday the launch of its national stablecoin, USDKG, with an initial issuance valued at over $50 million source: https://beincrypto.com/kyrgyzstan-dollar-stablecoin-backed-by-gold/