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CryptoMediumUpdated•Originally published 8 October 2026•Updated 8 October 2026•
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Kyrgyzstan Liquidates $50M Gold-Backed USDKG Stablecoin Following UK Sanctions

Key Facts

1Kyrgyzstan authorities ordered the liquidation of the $50 million gold-backed USDKG stablecoin.
2The shutdown follows UK sanctions targeting the issuers and exchanges associated with the token.

Kyrgyzstan authorities ordered the liquidation of the $50 million gold-backed USDKG stablecoin. Blockonomi reported that the shutdown includes the liquidation of the issuer, EVA, and the Coin Nomad Exchange as part of a regulatory move to maintain compliance and financial stability.

The shutdown follows UK sanctions targeting the issuers and exchanges associated with the token. The project, which was backed by gold reserves to secure its value, faced terminal regulatory pressure after the United Kingdom imposed sanctions on entities linked to the stablecoin's operations.

Latest Updates · 1

  1. Notable·

    Update: Reports revealed that the USDKG stablecoin was originally launched in November 2025 to facilitate cross-border payments. Additionally, the Coin Nomad exchange affected by the shutdown has been confirmed as a state-owned entity in Kyrgyzstan.