HTX continues to advance its application for virtual asset-related licenses in Kyrgyzstan while maintaining active communication with local authorities and regulators to steadily expand its compliance footprint in the Central Asian market. The platform's total asset balance increased by 4.94% month-over-month in April, with stablecoin holdings surging by 11.46%, significantly outperforming the overall growth rate. This structural growth was driven by the continuous listing of new assets and the ongoing momentum of HTX Earn, with the platform ranking first globally in 7-day net capital inflows in mid-May according to CoinMarketCap data. The monthly futures trading volume approached $100 billion, while HTX P2P Premium marked its first anniversary, reflecting the platform's continued progress across key business lines.
USDKG is pegged 1:1 to the U.S. Dollar and fully backed by physical gold reserves, making it a regulated digital asset with tangible asset backing. As reported by OSL, the stablecoin is issued by OJSC Virtual Asset Issuer, a state-owned entity wholly owned by Kyrgyzstan's Ministry of Finance, with an initial issuance of $50 million backed by physical gold reserves audited by Kreston Global. The token is deployed on both Ethereum and TRON networks, with smart contract audits conducted by ConsenSys Diligence. The first 50 million USDKG tokens are backed by about 376 kilograms of physical gold, valued at USD 50.3 million, providing institutions with a more tangible collateral narrative than generic fiat-backed stablecoins.
According to OSL, USDKG is already accessible through decentralized exchanges including Curve and Uniswap, and supported by major wallets such as Ledger Live, MetaMask, Trust Wallet, and TronLink. The stablecoin is fully compliant with FATF KYC/AML standards and is designed to facilitate financial inclusion and efficient cross-border value transfer. This listing adds a regulated centralized venue to that mix, particularly useful for users who prefer fiat-on-ramp pathways and institutional custody options. The token is built to comply with FATF KYC and AML standards and is aimed at cross-border value transfer, financial inclusion in regional corridors, and broader settlement use cases.
Jason Liu, Global Exchange COO of OSL, stated that the listing enriches OSL's product offerings and strengthens its compliant stablecoin ecosystem, as the introduction of a state-backed, compliant digital asset further underscores OSL's credibility and leadership within the industry. Biibolot Mamytov, CEO of Gold Dollar (USDKG), emphasized that this listing represents an important milestone as they enter one of the most established and highly regulated digital asset markets globally. HTX's momentum in April reflects the platform's continued progress, with the VIP Flexible Product benefiting nearly 1,000 SVIP users and driving new subscription amounts past $10 million. The accelerated accumulation of stablecoin assets reflects users' long-term trust in the platform's yield stability, continuously solidifying HTX Earn's core positioning as the "Gateway to Stable Yields."
The listing comes as Hong Kong's regulated digital asset market continues to evolve, with the VASP regime having tightened markedly since 2024 and being complemented by a dedicated stablecoin licensing framework rolled out by the Hong Kong Monetary Authority. According to reports, USDKG sits in a relatively rare category as it combines state ownership of the issuer, gold backing, public blockchain infrastructure, and third-party audit, with a stated focus on cross-border settlement and financial inclusion. With this listing, Kyrgyzstan continues to position itself as a regional first-mover in regulated, asset-backed digital currencies, bridging traditional finance and blockchain infrastructure while maintaining full sovereign oversight and public accountability. The OSL listing gives the project a regulated reference point for further expansion in Asia, joining a small but growing list of state-linked and asset-backed instruments testing regulated pathways.
