Kyrgyz Government Terminates USDKG Stablecoin Project
The Kyrgyz government has decided to terminate USDKG, its ambitious state-backed stablecoin project that was launched less than a year ago with an investment of $50 million. As part of this decision, authorities have mandated the liquidation of both the issuer, EVA, and the state’s own cryptocurrency platform, Coin Nomad Exchange.
The official notice was made public on the USDKG website and is backed by Cabinet of Ministers Order No. 639-t, dated August 20, 2026, which brings an end to all operations related to USDKG, including its engagement with blockchain technology.
Instructions for USDKG Token Holders
In light of this shutdown, holders of the USDKG tokens are advised to reach out to the project’s support email to facilitate the conversion of their tokens back into fiat currency or USDT. However, the announcement lacks specific details such as a deadline for redemption or information on available fiat currencies and verification requirements.
Government Directive and Media Reports
Reports from local media outlet Akchabar highlighted that the government’s order instructed the Finance Ministry to effectively dissolve OJSC EVA (the renamed issuer of USDKG) and OJSC Coin Nomad Exchange, although USDKG itself is not explicitly cited in the government directive. The project website, however, links the termination directly to this order.
