Binance lists som-pegged stablecoin as Kyrgyzstan deepens crypto push

The listing follows Kyrgyzstan’s passage of crypto legislation, the launch of a new US dollar–pegged stablecoin backed by physical gold, and plans to build a national crypto reserve.

Kyrgyzstan President Sadyr Japarov said a recently launched stablecoin pegged to the country’s fiat currency has been listed on cryptocurrency exchange Binance.

In a Wednesday X post, Japarov said Kyrgyzstan's KGST stablecoin, pegged to the som, would contribute to the development of cross-border payments and deepen the country’s ties to the crypto ecosystem. Binance CEO Changpeng “CZ” Zhao wrote on social media that “many more” nation-backed stablecoins would be coming to the exchange.

Zhao began advising the central Asian nation in April as part of an agreement to provide technical expertise and consulting services.

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