Kyrgyzstan closes USDKG project worth US$50 million months after US and British sanctions

吉尔吉斯斯坦关闭金本位稳定币USDKG，下令清算发行方EVA及国有Coin Nomad交易所

在推出仅不到一年的时间里，吉尔吉斯斯坦已关闭其以黄金为支撑的稳定币项目USDKG。政府已下令对发行方EVA以及国有加密货币交易所Coin Nomad进行正式的企业清算程序。

根据官方公告，USDKG项目依据8月20日发布的部长会议第639-t号命令终止运营，包括其在区块链网络上的所有活动。持有者可通过项目官方联系邮箱申请法币或USDT赎回。此前，英国于5月对该稳定币的发行方实施制裁，理由是涉嫌从事对俄罗斯政府具有重要经济意义的业务。

目前，仍有5000万枚USDKG显示为流通状态，而CoinGecko数据显示该代币交易价格接近1美元。Coin Nomad交易所已于9月开始自愿清算程序，给予债权人一个月的时间提交债权申报。

项目终止与赎回安排

吉尔吉斯斯坦政府决定关闭USDKG这一价值5000万美元的国家支持黄金稳定币项目，并下令清算发行方EVA和Coin Nomad交易所——该国首家国有加密货币交易所。政府声明指出，采取这些措施旨在优化国家在商业公司中的参与度，并改善国有资产的管理。该命令公开部分撤销了此前与该企业活动相关的几项内阁指令。

For token holders, project closure notices provide a redemption route, but with few details. USDKG stated that holders should send an email to hello@usdkg.com in exchange for fiat or USDT. The notice did not specify the redemption deadline, the types of legal currencies available or specific verification requirements.

According to local media Akchabar, a government order on August 20 directed the Ministry of Finance to liquidate the USDKG issuer renamed OJSC EVA and the OJSC Coin Nomad Exchange. The report said that the USDKG itself was not directly mentioned in the order, but the project's official website linked the order to the termination of USDKG operations.

USDKG Background and Regulatory Review

USDKG will enter circulation in November 2025. Previous reports pointed out that the token is pegged 1:1 to the U.S. dollar and is issued by a company affiliated to the Ministry of Finance of Kyrgyzstan. The initial deployment was based on the Tron network, and Ethereum support was subsequently introduced.

A reserve review report released after the launch showed that Kreston Global inspected 30 gold bars weighing approximately 376 kilograms. According to the London Bullion Market Association (LBMA) pricing on November 28, 2025, these reserves are valued at US$50.3 million, enough to cover the first batch of 50 million USDKG tokens. An independent audit also confirmed the gold reserves that supported the initial offering, including physical inspections, document checks and testing of the issuer's control over its Ethereum and Tron wallets.

Impact of UK sanctions

此次关停紧随四个月前的英国制裁行动。英国海外事务、联邦和发展办公室于5月26日依据其对俄制裁制度，指定OJSC Virtual Asset Issuer为制裁对象。该公司的USDKG名称及网站出现在正式的制裁通知中。

英方称有“合理理由怀疑”该公司通过“对俄罗斯政府具有经济意义”的业务支持或从俄罗斯政府获得利益。制裁措施包括资产冻结、信托服务限制、董事资格取消以及互联网服务制裁。英国宣布此举是针对其声称被俄罗斯用于规避限制的加密货币和金融网络的一部分。此外，英国政府还单独指出了受克里姆林宫支持的A7网络，并指责其利用吉尔吉斯斯坦的金融基础设施。然而，针对USDKG发行方的具体制裁通知并未明确指出USDKG本身被A7网络使用或直接处理规避制裁的支付。

指定制裁两天后，吉尔吉斯司法部登记数据显示，OJSC Virtual Asset Issuer已重新注册为OJSC EVA。截至目前，尚无官方解释将此更名与英国行动联系起来。

制裁迅速影响了USDKG的一个交易渠道。香港持牌交易所OSL HK曾于5月21日为专业投资者上线USDKG，并提供USDKG/USDT场外交易对。但在上市仅几天后，即5月27日（英国指定制裁次日），OSL发布公告停止所有USDKG服务。

Market Performance and Liquidation Progress

In market data, USDKG did not show a significant deviation from its U.S. dollar peg. As of the time of inspection, CoinGecko showed USDKG trading at approximately $1.00, with a 24-hour trading range of approximately $0.9998 to $1.00.

CoinGecko shows that the circulation supply of USDKG is 50 million units, and the market value is close to US$50.03 million. The 24-hour transaction volume is approximately US$22,955, and transactions are mainly conducted on Uniswap V3 and Curve on Ethereum. The official contract information identification Tron address is TXZo12qvnEVKvU2zbfuQeMXKusWyxonwEG, and the Ethereum contract address is 0xE820C06321E60d36257 C66643 Fa5436643445E3. The document states that casting and destruction are controlled by the issuer through a smart contract structure. The verified USDKG contracts previously shown by Etherscan allow issuers to mince, redeem, suspend transfers and blacklist addresses. Current market data is unclear how many circulating tokens will ultimately be submitted for redemption during the liquidation period.

Clearing work on the Coin Nomad Exchange has already started. According to a report by Akchabar on September 14, the only shareholder of the exchange approved voluntary liquidation on September 3. The Ministry of Finance is the sole shareholder of the company. Coin Nomad was registered in December 2024 and became the first state-owned cryptocurrency exchange in Kyrgyzstan. According to reports, the institute achieved a net profit of 1.47 million Kyrgyz som in the first half of 2026, despite losses in its main business and defaulting on some taxes and legal payments.

At the same time, Western authorities continue to review separate crypto networks operating in the region. Previous reports pointed out that blockchain intelligence researchers have investigated exchanges registered in Kyrgyzstan and A7A5-related infrastructure. The U.S. Treasury Department took separate action against the A7 network on October 1, designating it as a transnational criminal organization, describing it as a Russia -related shadow banking network used by Iran to circumvent sanctions. The U.S. operation named the A7 network, not USDKG or EVA.

For USDKG holders, official project notices currently direct redemption requests to their email addresses, but do not give a final redemption date. Coin Nomad's separate liquidation notice stated that creditor claims will be accepted within one month of its September 14 release, which means the claims window ends approximately October 14, 2026.