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Sujha Sundararajan
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Kyrgyzstan President Sadyr Japarov confirmed Wednesday that the national currency-backed stablecoin, dubbed ‘KGST,’ has been listed on the Binance exchange.
The project was developed and deployed on BNB Chain, which supports scalable and cost-effective blockchain infrastructure.
“I congratulate the KGSToken development team and all project participants on BNB Chain on a successful launch,” he wrote on X.
KGST has become the first stablecoin from the Commonwealth of Independent States (CIS) to be listed on a global crypto exchange platform, he added.
Furthermore, the stablecoin, linked to the Kyrgyzstan Som, will contribute to the country’s cross-border payments and deepen its presence in the global crypto space.
Binance CZ Says “Many More” Stablecoins to Come
In response to President Japarov’s post, Binance founder Changpeng Zhao, also known as CZ, stated that Binance would list “many more” nation-backed stablecoins.
CZ also referred to a gold bar he used during a Bitcoin versus gold debate, adding that the bar came from Kyrgyzstan.
Zhao joined as an advisor to Kyrgyzstan on crypto and blockchain-related developments in April. He offers infrastructural, technological support, technical expertise, and consulting services on crypto, alongside implementing educational initiatives.
CZ has also “officially and unofficially” joined as an advisor to a few governments on their crypto regulatory frameworks.
The Central Asian nation has a total of over 126 licensed crypto firms as of late 2025. These companies have collectively reached a total turnover of $4.2 billion, marking a new record for the industry.
Further, a Statista report anticipates that the number of crypto users in Kyrgyzstan will amount to 484.06k by the year 2026.
Kyrgyzstan Launches USD-Pegged Stablecoin Backed by Gold
Additionally, the country has also launched a US dollar–pegged stablecoin backed by physical gold. The token – USDKG – was first deployed on the Tron network with a reported initial issuance of 50 million units. The country has plans to expand the stablecoin to the Ethereum blockchain.
In a separate announcement on Wednesday, Cabinet Chairman Adylbek Kasymaliev said at the Kyrgyz Parliament that the nation completed first issuance of the USDKG stablecoin.
A total of 50 million tokens have been released in this initial issuance, per the Kyrgyz National News Agency Kabar. Kasymaliev also revealed that the development of KGST is underway.
Besides, the government also confirmed plans to pilot a central bank digital currency (CBDC) and establish a national crypto reserve.
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