Kyrgyzstan orders liquidation of USDKG issuer and Coin Nomad Exchange

Kyrgyzstan has ordered the liquidation of OJSC EVA, the issuer of the gold-backed stablecoin USDKG, and the state-owned digital-asset exchange, OJSC Coin Nomad Exchange. The Cabinet of Ministers issued the order as part of an effort to optimize the management of state-owned assets.

USDKG was launched in November 2025 to facilitate cross-border payments. The token was designed to be pegged 1:1 with the US dollar and was backed by approximately 376 kg of physical gold, valued at roughly $50.3 million at the time of verification. Approximately 50 million USDKG tokens were in circulation at the time of the announcement.

The move follows UK sanctions imposed in May 2026 on the stablecoin’s original issuer due to suspected economic ties with Russia, though Kyrgyz officials have not explicitly cited these sanctions as the reason for the liquidation. Coin Nomad Exchange has entered voluntary liquidation following a shareholder vote, with creditors required to file claims by mid-October 2026. USDKG holders have been instructed to request redemptions in fiat currency or USDT via email.