Kyrgyzstan launches national stablecoin
Kyrgyzstan has launched a national stablecoin, the digital som, Binance founder Changpeng Zhao announced on his X (formerly Twitter) account
BISHKEK, Kyrgyzstan (MNTV) — Kyrgyzstan has launched a national stablecoin, the digital som, Binance founder Changpeng Zhao announced on his X (formerly Twitter) account.
Zhao said the new currency, issued on the BNB Chain blockchain, is ready for implementation and will be used for government and official payments, according to local news outlet 24.kg.
He revealed that a national cryptocurrency reserve has also been created, including the BNB token, and that Binance is expanding its presence in Kyrgyzstan through technological and educational initiatives.
The Binance Academy will partner with ten local universities, and the Binance app is now available in the Kyrgyz language.
Zhao announced a new partnership with EthSign, a blockchain platform that will help Kyrgyzstan develop digital government solutions.
“We like to provide real strategic value, not just investment,” Zhao wrote, adding that Yzi Labs has become a minority investor alongside the EthSign team.
The launch follows President Sadyr Japarov’s earlier directive to introduce the KGST stablecoin and begin testing the digital som.
The project was discussed at a meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies, attended by Japarov and Zhao.
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