Kyrgyzstan will issue USDKG, a US dollar stablecoin pegged to gold, in Q3

BlockBeats news, on May 5th, according to CoinDesk, Kyrgyzstan plans to launch a gold backed stablecoin pegged to the US dollar in the third quarter - the USDKG. The stablecoin will be supported by $500 million in gold from the Kyrgyzstan Ministry of Finance and plans to expand its reserves to $2 billion. The report states that USDKG is designed specifically for cross-border and international trade, initially focusing on Central Asia and expanding to Southeast Asia and the Middle East in the future.