Kyrgyzstan issues first national stablecoin pegged to som

The Kyrgyz Republic has issued its first national stablecoin, KGST, pegged 1:1 to the national currency, the som. The Secretariat of the National Agency for the Development of Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic reported.

The KGST stablecoin was developed and deployed on BNB Smart Chain (BSC) blockchain, and has undergone a smart contract audit and white paper review. Test deployment and listing of the token on leading cryptocurrency exchanges have also been conducted to assess compatibility and technical stability.

KGST is a public, secure, and fully backed stablecoin, with reserves held in state-owned banks of the Kyrgyz Republic. Its infrastructure includes multi-level holder authentication and verification procedures in accordance with international KYC/AML standards.

Initially, the KGST stablecoin will be listed on local cryptocurrency exchanges in Kyrgyzstan and the CIS countries, followed by listing on a number of global trading platforms, including international exchanges such as Binance, Coinbase, and others.

In addition, a KGST mobile app, designed for the convenience of users and KGSToken holders, will be launched soon.

The issuer of the KGST stablecoin is KGSTOKEN LLC.