Kyrgyzstan shuts gold-backed stablecoin USDKG and orders issuer EVA liquidated
Kyrgyzstan has ordered USDKG, its gold-backed stablecoin, shut down and its issuer EVA plus state-owned Coin Nomad Exchange liquidated, citing Cabinet of Ministers Order No. 639-t.
Why it matters
Crypto.News reports that Britain sanctioned the issuer over ties to Russia's government, putting a sanctions regime in direct contact with a state-issued stablecoin. Holders have a stated redemption route into fiat or USDT, but no deadline for it appears in the evidence, and Bitcoin.com News reports Tron and Ethereum contract suspensions that would block that route once they take effect. The shutdown also ends a project TheNewsCrypto says was planned to operate through at least 2034.
Where the sources disagree
Which blockchains carry USDKG
All tokens running on the Tron blockchain
TheNewsCrypto
Tron and Ethereum contracts are to be suspended
Bitcoin.com News
TheNewsCrypto says every token runs on Tron, while Bitcoin.com News refers to suspending both Tron and Ethereum contracts.
How Coin Nomad Exchange reached liquidation
Coin Nomad began voluntary liquidation in September, giving creditors one month to submit claims
Crypto.News
The government ordered the liquidation of EVA along with Coin Nomad Exchange
TheNewsCrypto, Bitcoin.com News
Crypto.News reports Coin Nomad began a voluntary liquidation in September with a one-month creditor claim window, while TheNewsCrypto and Bitcoin.com News describe the shutdown of both EVA and Coin Nomad as a government-ordered liquidation.
Key facts
Kyrgyzstan's government ordered USDKG shut down under Cabinet of Ministers Order No. 639-t.
Reported by Crypto.News
The government instructed the Ministry of Finance to liquidate EVA, the company that issued USDKG.
Reported by Crypto.News
Coin Nomad Exchange, described as Kyrgyzstan's first state-owned crypto trading platform, is being liquidated alongside EVA.
Reported by Crypto.News
Bitcoin.com News reports 50.14 million USDKG tokens are set for a burn address, while Crypto.News says 50 million tokens still listed as circulating with CoinGecko showing the token near $1.
50,140,000 USDKGDisputed figureReported by Bitcoin.com News
TheNewsCrypto reports USDKG was listed on OSL, a Hong Kong-regulated platform, in a USDKG/USDT pair in May 2026.
Reported by TheNewsCrypto
Holders can exchange USDKG for fiat currency or USDT by contacting the project, and Bitcoin.com News says redemptions must happen before the contracts are suspended.
Reported by Crypto.News
What happened
Kyrgyzstan's government ordered USDKG, a physical-gold-backed stablecoin pegged 1:1 to the US dollar, shut down, and told the finance ministry to liquidate its issuer EVA along with state-owned Coin Nomad Exchange. The project says the wind-down follows Cabinet of Ministers Order No. 639-t, which the government framed as a measure to optimise state participation in commercial companies and improve management of state assets, and which revoked several earlier cabinet directives on state corporate activity. TheNewsCrypto reports that USDKG launched on 20 November 2025 with the personal participation of President Sadyr Japarov, was positioned as a cross-border payment tool planned to run through at least 2034, and had a registered supply of just over 50 million tokens running on Tron. Crypto.News, the first outlet to report the shutdown, says holders can redeem tokens for fiat or USDT through a project email address, that 50 million tokens still listed as circulating with CoinGecko showing the token near $1, and that Coin Nomad began a voluntary liquidation in September with one month for creditors to file claims. Bitcoin.com News, citing the project's official X account, reports 50.14 million tokens are set for a burn address and that Tron and Ethereum contracts will be suspended, which conflicts with Crypto.News on both whether tokens are destroyed or left outstanding and on which chains carry them. Crypto.News also reports that Britain sanctioned the issuer in May over suspected business of economic importance to Russia's government, a sanction detail no other outlet in the set carries, while TheNewsCrypto reports OSL, a Hong Kong-regulated platform, listed a USDKG/USDT pair in May 2026.
How the story developed
- First report
First report by Crypto.News
Kyrgyzstan shuts $50M USDKG months after UK sanctions
- Official statement
UK sanctions USDKG's issuer
Crypto.News reports Britain sanctioned the issuer in May over suspected business of economic importance to Russia's government; no other outlet in the set carries the sanction.
- Update
Coin Nomad begins voluntary liquidation
Crypto.News reports creditors were given one month to submit claims.
- Official statement
Cabinet of Ministers Order No. 639-t adopted
The order ended USDKG's activities including its blockchain operations, revoked earlier cabinet directives on state corporate activity, and was framed as optimising state participation and state asset management.
- Update
Crypto.News reports the shutdown and the redemption route
First report in the set, describing the liquidation orders, the redemption email address and the shutdown notice.
- Update
USDKG listed on OSL
TheNewsCrypto reports OSL, a Hong Kong-regulated platform, added a USDKG/USDT pair in May 2026.
- Official statement
Official statement from Bitcoin.com News
Kyrgyzstan Shuts Stablecoin USDKG, Burns 50M Tokens After UK Sanctions
- Update
Bitcoin.com News reports the token burn and contract suspensions
Citing the project's official X account, Bitcoin.com News says 50.14M tokens go to a burn address and Tron and Ethereum contracts will be suspended.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 8 Oct 2026, 07:33 UTC: Crypto.News — 1 independent source, 1 reports
- 8 Oct 2026, 11:30 UTC: TheNewsCrypto — 2 independent sources, 2 reports
- 9 Oct 2026, 05:30 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
Affected entities
Also mentioned: United States, Hong Kong
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Kyrgyzstan Shuts Stablecoin USDKG, Burns 50M Tokens After UK Sanctions | Independent | |
| Crypto.News Crypto media | Kyrgyzstan shuts $50M USDKG months after UK sanctions | Original | |
| TheNewsCrypto Crypto media | Kyrgyzstan Shuts Down USDKG: What Happened to Its State-Backed Gold Stablecoin? | Syndicated |
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