Crypto Briefing • October 11th 2026, 3:59 PM
Kyrgyzstan Closes State-Backed Crypto Venture
Key Summary
Kyrgyzstan has ordered the liquidation of OJSC EVA, the issuer of the gold-backed USDKG stablecoin, and OJSC Coin Nomad Exchange, the nation's first state-owned digital-asset exchange, amid operational challenges and sanctions from the UK.
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What the Order Actually Does
The cabinet order targets both entities at once, removing the issuer and a piece of the domestic trading infrastructure together.Background
Coin Nomad was the nation's first state-owned digital-asset exchange. USDKG launched in November 2025.What the Order Means for Holders
Holders have been told to email the issuer and request redemption in fiat currency or USDT. No redemption deadline has been specified. Detailed verification procedures have not been laid out either.How Kyrgyzstan Got Here
USDKG was meant to support cross-border payments and raise Kyrgyzstan's profile in digital finance. A state-linked, gold-backed stablecoin paired with a state-owned exchange was built under government ownership, offering both an asset and a venue.What This Means
For holders, the token is trading near $1, but a stablecoin's value ultimately rests on whether redemptions actually get processed. Without a published deadline or a clear verification process, holders are relying on the issuer to honor requests as it winds down.Key Dates to Watch
The key dates to watch are the October 14, 2026 creditor deadline at Coin Nomad and any further guidance from EVA on how redemptions will be handled.#Bitcoin#US#Crypto#Kyrgyzstan#UK#Sanctions