Bishkek, Oct. 27, 2025 /Kabar/. Currently, most countries are moving towards issuing national digital currencies and stablecoins, striving to maintain control over monetary flows and payment infrastructure, said Farhat Iminov, head of the secretariat of the National Council for the Development of Virtual Assets and Blockchain Technologies.
He noted that in this context, work is underway to issue the KGST stablecoin, which is a fully backed digital asset pegged 1:1 to the national currency of the Kyrgyz Republic - the som.
KGST is registered in the state register of digital assets and deployed on the BNB Chain network using a multi-signature mechanism and full fiat reserve backing. The smart contract has undergone an independent audit, and the token minting and burning functions have been tested. The transparency and security of the project will be ensured by regular audits of reserves and strict liquidity management, he emphasized.
According to the head of the secretariat, KGST will be used in international settlements without the need for double conversion, and in the future will be integrated with the digital som, enhancing its applicability outside the country. The combination of digital som + stablecoin will expand opportunities for cross-border payments and money transfers.
This will provide access to liquidity, especially when the stablecoin is listed on international exchanges, in particular on Binance, and the formation of pairs with leading digital currencies – USDT, USDC, BNB, and others, he said. Iminov believes that this mechanism will provide practical support to our citizens working in other countries, whose remittances account for about 30% of the country's GDP, as well as export-oriented enterprises, simplifying cross-border transfers and settlements with foreign partners.