Kyrgyzstan Launches KGST Stablecoin on Binance, Plans Further Crypto Initiatives
Kyrgyzstan has introduced the KGST stablecoin, which is backed 1:1 by the Kyrgyz som and is now listed on Binance, the global cryptocurrency exchange. This milestone was confirmed by President Sadyr Japarov. KGST is developed and deployed on the BNB Chain, making it the first stablecoin from the Commonwealth of Independent States (CIS) to be listed on a major international crypto platform. The listing aims to enhance Kyrgyzstan's cross-border payment capabilities and increase its presence in the global cryptocurrency ecosystem.
Binance founder Changpeng Zhao, who has advised Kyrgyzstan on crypto and regulatory matters, indicated that many more nation-backed stablecoins will emerge in the future. Apart from KGST, Kyrgyzstan has also launched a USD-pegged stablecoin backed by physical gold, named USDKG. The initial issuance of USDKG consists of 50 million tokens on the Tron blockchain, with future expansion plans to the Ethereum network, as announced by government official Kasymaliev.
In addition to these stablecoins, the government has plans to pilot a central bank digital currency (CBDC) and establish a national crypto reserve. Reflecting growing crypto adoption, as of late 2025, Kyrgyzstan hosts 126 licensed crypto firms with a combined turnover of $4.2 billion. Statista projects the country will have approximately 484,060 crypto users by 2026.
