Binance has just listed KGST – a stablecoin Peg to the Kyrgyz som, marking a new step in the nation's cryptocurrency strategy, with the total global stablecoin market Capital reaching $308.9 billion.
This move comes as the Central Asian nation actively builds a legal framework and infrastructure for digital assets. Kyrgyzstan President Sadyr Japarov affirmed that KGST will contribute to the development of cross-border payments and strengthen connections with the global cryptocurrency ecosystem. Binance CEO Changpeng “CZ” Zhao, who began advising Kyrgyzstan in April, said that more stablecoins sponsored by the country will be listed on the exchange.
Kyrgyzstan , a landlocked mountainous country with a population of 7 million, is demonstrating significant ambitions in the digital asset sector. Last September, the country passed legislation establishing a state-level cryptocurrency reserve fund and expanding its domestic digital asset industry. Simultaneously, Kyrgyzstan launched USDKG – a USD- Peg stablecoin backed by physical gold on the TRON network with an initial supply of 50 million units, with plans to expand to the Ethereum blockchain.
The trend of national stablecoins is increasing globally.
While Tether 's USDT and Circle 's USDC still dominate the market, many countries are launching their own stablecoins. In October, Tokyo-based fintech company JPYC launched Japan's first yen- Peg stablecoin, backed by bank deposits and government bonds. In December, SBI Holdings and Startale Group signed a memorandum of Mnemonics to develop a yen-denominated stablecoin, expected to launch in Q2 2026 through Shinsei Trust & Banking.
Europe is also not immune to this trend. A consortium of 10 European banks, through the Amsterdam-based organization Qivalis, plans to launch a euro Peg stablecoin in the second half of 2026. BNP Paribas confirmed that the stablecoin will comply with the EU's Markets in Crypto-Assets (MiCA) regulatory framework and will be issued with the permission of the Dutch Central Bank.
In the UAE, the telecommunications group e& signed a memorandum of Mnemonics with Al Maryah Community Bank to research a dirham Peg stablecoin for consumer payments, aiming towards a regulated digital financial system.
