USDT
−0.1%Kyrgyzstan shuts $50M gold-backed USDKG stablecoin after UK sanctions
Image: Crypto.newsKyrgyzstan has ordered the formal liquidation of USDKG issuer EVA and state-owned Coin Nomad Exchange, shutting down the gold-backed stablecoin less than a year after its $50 million launch. The UK sanctioned the issuer in May over suspected ties to Russian government economic activity. 50 million USDKG remain in circulation, trading near $1, and holders can redeem tokens for fiat or USDT via official contact channels.
Key points
- Kyrgyzstan ordered liquidation of USDKG issuer EVA and state-owned Coin Nomad Exchange
- The UK sanctioned USDKG's issuer in May over suspected Russia government economic ties
- 50 million USDKG remain in circulation, trading near $1 per token
- Holders can redeem USDKG for fiat currency or USDT via official contact channels
Why it matters
The shutdown shows how geopolitical sanctions can affect state-backed crypto projects. Holders face uncertainty as no final redemption deadline has been set.
What's unclear
No final deadline for USDKG holder redemptions has been announced
The exact timeline for completing liquidation of EVA and Coin Nomad Exchange is not specified
Price context · USDT
At publication
$0.9994
Now
$0.9994
Change since
−0.00%
7 days · dashed line = publication
Sources · 2 publishers
Blockonomi
Tier 3
Kyrgyzstan Shuts Down $50M Gold-Backed USDKG Stablecoin After UK Sanctions
Blockonomi
Tier 3
Kyrgyzstan Stablecoin USDKG to Shut Down Months After UK Sanctions
Coverage timeline
- First reported by Crypto.news
- Confirmed by Blockonomi
- CryptoVideos brief published
- 1 more publisher added to sources
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
