Quick take:
- Zhao said on Saturday that the Kyrgyz national stablecoin had launched on the BNB Chain.
- According to CZ, the digital version of Kyrgyzstan’s currency, the som, is now ready for use in government payments.
- The stablecoin is backed by a national cryptocurrency reserve, which includes Binance’s BNB token.
The government of Kyrgyzstan has partnered with Binance to launch a National stablecoin. Binance founder Changpeng Zhao announced on Saturday via a post on X that the stablecoin had launched on the BNB Chain.
According to the post, the digital version of Kyrgyzstan’s currency, the som, is now ready for use in government payments. The stablecoin is backed by a national cryptocurrency reserve, which includes Binance’s BNB token, Reuters reported.
The announcement comes just five months after Zhao was appointed as an adviser on digital assets to the president of Kyrgyzstan in May.
It also comes amid rising interest in stablecoins, fueled by the signing into law of the GENIUS Act, which seems to establish a clear framework for digital assets pegged to fiat currency in the U.S.
The Stablecoin industry has grown rapidly over the past two years to hit a market cap of about $308 billion, with Tether’s USDT topping the charts with over $180 billion, followed by the Nasdaq-listed Circle’s USDC with $75 billion, according to DeFiLlama data.
It also comes barely a week after President Trump pardoned Zhao, who had been jailed and released for accusations related to failure to comply with money laundering regulations in the U.S.
More recently, YZi Labs, a family office linked to Zhao, launched a $1 billion fund to back projects building on the BNB Chain ecosystem.
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