Kyrgyzstan has launched the national stablecoin KGST in partnership with Binance

Kyrgyzstan has officially launched its national stablecoin, KGST, pegged to the national currency, the Kyrgyz som, at a 1:1 ratio. The project is being implemented as part of a state program aimed at developing the digital economy and integrating financial technologies.

According to CoinDesk and Incrypted, the KGST token operates on the BNB Chain blockchain and is designed to simplify cashless payments, cross-border transfers, and the integration of digital payments into both public and private services.

The launch of KGST is accompanied by the creation of a national crypto reserve, which will ensure the stability of the token and the transparency of operations. At the same time, the National Bank of Kyrgyzstan continues testing the digital som, making the country one of the first in Central Asia to simultaneously develop a state-backed digital asset and a national stablecoin.

The initiative aims to improve financial inclusion, reduce reliance on cash, and foster the growth of the domestic digital market.

Source: coindesk.com