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The global crypto industry is increasingly intertwined with classical finance, and here is a new example – the addition of a digital asset created with government support to a leading crypto exchange. Binance, through which a huge part of the global crypto turnover passes, yesterday, on December 24, launched trading in the KGST stablecoin. This is the first official digital version of the Kyrgyz catfish, released on the initiative of the authorities.

The BNB Chain blockchain is at the heart of the project. Each KGST is backed by reserves in SOM in a 1:1 ratio, which ensures its stability against the real currency. Information about the token's smart contract can be found on BscScan.

Binance highlights the importance of this decision by removing the listing fee for the new KGST/USDT pair.

One of the key points here is the territorial restriction for trading this pair. Due to Binance's internal rules and international legal requirements, users from some countries such as the United States, Canada, the Netherlands, Iran and Cuba will not be able to trade KGST/USDT.

The Ministry of Finance of Kyrgyzstan has officially added the KGST stablecoin to its register of digital assets. This is part of their overall strategy to develop digital finance in the country. There are also plans to launch another stablecoin, USDKG, which will be backed by dollars and gold reserves.

The release of the national KGST stablecoin on Binance means that Kyrgyzstan is taking a real step towards integrating its financial system into the global digital economy. In general, this event can become an example for other countries that are thinking about issuing their own digital currencies.