Kyrgyzstan launches national stablecoin in a landmark partnership with Binance

Kyrgyzstan has launched a national stablecoin and a central bank digital currency in a landmark partnership with the global cryptocurrency exchange Binance, a significant move by the Central Asian nation to position itself as a regional crypto leader.

According to Reuters, President Sadyr Japarov announced the initiative on Saturday, cementing the country’s deepening relationship with the crypto giant and its recently pardoned founder, Changpeng Zhao.

The new national stablecoin has been launched on the BNB Chain, and a digital version of Kyrgyzstan’s currency, the som, is now ready for use in government payments, according to a post on the social media platform X by Changpeng Zhao.