BlockBeats news, December 25, Kyrgyzstan President Sadyr Japarov announced that the stablecoin KGST, pegged to the national fiat currency “Som (som)”, has officially launched on Binance, marking another key advancement in the country’s national-level cryptocurrency infrastructure development.
Sadyr stated in a post that the launch of KGST will help foster cross-border payment development and further deepen Kyrgyzstan’s connection with the global crypto ecosystem. CZ later responded, saying that “more state-backed stablecoins” will land on Binance in the future.
In April this year, CZ had already begun providing technical and policy advisory services to the Kyrgyzstan government. This landlocked Central Asian country with a population of about 7 million has shown a clear shift toward a positive stance on digital assets over the past year. In September, Kyrgyzstan advanced legislation to establish a national-level crypto reserve and expand the domestic digital asset industry.
In addition to KGST, Kyrgyzstan recently launched the dollar stablecoin USDKG, which is backed by physical gold. Initially issued on the Tron network with an initial supply of 50 million tokens, it plans to expand to Ethereum in the future.
