Kyrgyzstan to issue USDKG, a gold-pegged stablecoin

according to CoinDesk, Kyrgyzstan plans to launch a gold-backed stablecoin pegged to the US dollar in the third quarter - Gold Dollar (USDKG). The stablecoin will be backed by $500 million in gold from the Kyrgyzstan Ministry of Finance, with plans to expand reserves to $2 billion. The report states that USDKG is designed for cross-border transactions and international trade, initially focusing on Central Asia, with future expansion to Southeast Asia and the Middle East.