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FollowingTLDR
How do USDKG holders exchange tokens?
The UK imposed sanctions on USDKG issuers in May.
Kyrgyzstan has ordered the liquidation of USDKG issuer EVA and the state-owned Coin Nomad exchange.
USDKG holders can contact the project party via email to exchange tokens for fiat or USDT, but no deadline has been set.
The UK imposed sanctions on USDKG issuers in May under its sanctions plan against Russia.
The trading price of USDKG remains around US$1, with 50 million units in circulation.
Coin Nomad's creditor filing window will close around October 14, 2026.
British sanctions strike USDKG issuer: Kyrgyzstan shuts down gold-backed stablecoin project
Less than a year after its launch, Kyrgyzstan has suspended its gold-backed stablecoin USDKG. The government ordered a liquidation of the issuer of the token and the country's first state-owned cryptocurrency exchange.
According to the official USDKG website, the project ended operations in accordance with Council of Ministers Order No. 639-t issued on August 20, which covers all its activities on the blockchain network. The order stated that the measures were taken to increase the state's participation in commercial companies and better manage national assets.
According to local media Akchabar, the order instructs the Ministry of Finance to liquidate the OJSC EVA (the renamed entity of the USDKG issuer) and the OJSC Coin Nomad exchange. It is worth noting that the USDKG itself is not directly mentioned in the order.
Months after British sanctions, Kyrgyzstan terminated its state-backed stablecoin project
Kyrgyzstan decided to shut down its US$50 million state-backed gold stablecoin project USDKG and ordered the liquidation of the issuer EVA and the Coin Nomad Exchange (the country's first state-owned crypto exchange).
How do USDKG holders exchange tokens?
Holders can send an email to hello@usdkg.com to exchange tokens for fiat or USDT. The notice did not provide an expiration date, nor did it list the types of legal currencies available or explain the verification steps.
USDKG will enter circulation in November 2025. The token is pegged 1:1 to the US dollar and is issued by a company affiliated with the Ministry of Finance of Kyrgyzstan. It was initially launched on the Tron network and subsequently added Ethereum support.
A review report by Kreston Global showed that 30 gold bars weighing approximately 376 kilograms were used as support for the token. The gold is valued at US$50.3 million, enough to cover the first 50 million tokens.
CoinGecko data showed that USDKG was trading at approximately US$1.00 at the time of inspection. Its circulation is 50 million, and 24-hour trading volume on Uniswap V3 and Curve is close to US$22,955.
It is unclear how many tokens will be redeemed during the clearing process.
British sanctions hit USDKG issuers in May
Britain imposed on May 26 according to its Russia Sanctions plan to impose sanctions on issuer OJSC Virtual Asset Issuer. The British side said it had "reasonable grounds to suspect" that the company supported or benefited from the Russian government.
Measures include asset freezes, trust service restrictions, director disqualification and Internet service sanctions. The notice did not state that USDKG was used to process payments to circumvent sanctions.
Two days later, Akchabar reported that the company was re-registered as OJSC EVA. The official explanation has not been given as to the reason for the name change.
Sanctions have also affected trading activities. OSL HK listed USDKG for professional investors on May 21, and subsequently stopped all USDKG-related services on May 27.
Coin Nomad Exchange is the first state-owned crypto exchange in Kyrgyzstan and was incorporated in December 2024. Its sole shareholder, the Ministry of Finance, approved the voluntary liquidation on September 3.
Akchabar reported that the exchange achieved a net profit of 1.47 million Kyrgyz som in the first half of 2026. However, its main business suffered losses and was in arrears in some taxes.
In addition, the U.S. Treasury Department designated the A7 Network, which is related to Russia , as a transnational criminal organization on October 1. The action did not name USDKG or EVA.
Coin Nomad's liquidation notice requires creditors to file claims within one month from September 14. The window will close around October 14, 2026, and a final date has not yet been determined for USDKG's redemption request.
