Kyrgyzstan has ordered the liquidation of EVA, the issuer of its state-backed gold-backed stablecoin USDKG, and the state-owned Coin Nomad Exchange, less than a year after USDKG's launch in November 2025. The government cited improved state asset management as the reason and allowed USDKG holders to redeem tokens for fiat or USDT without a set deadline. The move follows UK sanctions on the issuer in May 2026 under Russia sanctions, which froze assets and restricted operations. USDKG continues to trade near $1 with 50 million tokens in circulation, but the future of the stablecoin is now uncertain as the liquidation process unfolds.
The Kyrgyzstan gold-backed stablecoin USDKG has 50 million tokens in circulation. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Oct 08, 2026 16:01 WIB: out of 50 major cryptocurrencies, 14 rose and 35 fell today. Notable movers include Harmony (ONE) at Rp38 with a 4.48% decrease and 56% buy order activity, Litecoin (LTC) at Rp1,153,543 down 4.44% with 60% sell orders, and Cosmos (ATOM) at Rp31,846 up 4.31% with nearly balanced order activity.
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