OSL Lists Kyrgyz Gold-Backed Stablecoin USDKG in Hong Kong

OSL Group’s Hong Kong-licensed exchange OSL HK listed USDKG on May 21 and opened USDKG/USDT over-the-counter trading for professional investors on its OTC platform. The exchange said the token will be available through its institutional trading and custody infrastructure in Hong Kong.

USDKG is issued by OJSC Virtual Asset Issuer, a state-owned entity under Kyrgyzstan’s Ministry of Finance. The token began with an initial issuance of $50 million and is fully backed by physical gold reserves audited by Kreston Global. USDKG is deployed on the Ethereum and TRON networks, and its smart contracts were audited by ConsenSys Diligence.

The stablecoin is already tradable on decentralized exchanges including Curve and Uniswap and is supported by wallets such as Ledger Live, MetaMask, Trust Wallet and TronLink. OSL and the issuer state the token complies with Financial Action Task Force KYC/AML standards.

Access on OSL HK is restricted to professional investors and routed through the exchange’s OTC desk in line with its Hong Kong license and regulatory framework. OSL said the listing aims to provide a regulated venue for use cases such as cross-border settlement and institutional payments.

Jason Liu, global exchange chief operating officer at OSL, commented that the addition expands product choices for institutional clients and reinforces the exchange’s compliant stablecoin offering. Biibolot Mamytov, CEO of Gold Dollar (USDKG), described the listing as an important milestone for the token’s entry into Hong Kong’s regulated market and highlighted the project’s focus on transparency and gold-backed reserves.

OSL Group (HKEX: 863) is a licensed digital asset exchange and payments platform offering trading, settlement and custody services for fiat and digital currencies. The company said the USDKG listing aligns with its strategy to connect regulated markets and serve corporates, financial institutions and professional investors.