Kyrgyzstan has launched a national stablecoin based on the BNB Chain (CRYPTO: BNB), Binance co-founder Changpeng "CZ" Zhao confirmed on Saturday.
BNB-Powered National Token
CZ took to X, sharing details from his recent trip to Kyrgyzstan, where he also met with President Sadyr Zhaparov.
Apart from the national stablecoin, which will be pegged to the national currency, the Kyrgyzstani Som, the Central Asian nation is preparing to roll out a central bank digital currency for use in government payments.
CZ added that a national cryptocurrency reserve, which will contain BNB tokens, has also been established.
‘Esteemed Friend’ Of Kyrgyzstan President
Zhaparov also spotlighted the meeting through his official X handle, calling CZ an “esteemed” friend. He mentioned that “key tasks for the future” were defined following the meeting.
See Also: Days After Pardon, CZ Says Crypto Will ‘Make a Lot of Money for the Country’
According to local media KG24, the president instructed the officials to launch the so-called KGST stablecoin and ensure its listing on international platforms. The National Bank was also directed to begin pilot testing of the digital Som, the CBDC token.
CZ Promoting Crypto In Asia
CZ has been pushing for cryptocurrency adoption in several Asian countries. Earlier this year, Pakistan appointed the former Binance CEO as a strategic advisor to its National Crypto Council.
He also met with the King of Bhutan, following which a special administrative region in the country announced setting up a multi-asset cryptocurrency reserve, one that will include BNB tokens.
Last week, President Donald Trump pardoned CZ, previously convicted of violating U.S. anti-money-laundering laws.
Price Action: At the time of writing, BNB was exchanging hands at $1,155.15, up 2.8% in the last 24 hours, according to data from Benzinga Pro.
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