USDKG Platform

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A relevant article written by technical advisor at USDKG, "a 1:1 USD-pegged, gold-backed stablecoin" which is apparently backed directly by the Kyrgyzstan government.

The Gold Standard Is Back - Stablecoins Need To Rethink What ‘Backing’ Really Means
Gold-backed stablecoins redefine stability in the crypto space by combining blockchain’s transparency with gold’s timeless reliability…
ZeroHedgeTyler Durden
Kyrgyzstan sees platform for promoting equality principles in BRICS — president
President of Kyrgyzstan Sadyr Zhaparov said that BRICS also promotes the agenda of non-interference in the internal affairs of states and joint economic development
TASSTASS

On the surface, USDKG has several similarities to my concept of State Depository Tokens (SDT). They're both gold-backed, digital token systems with an institutional guarantee of value.

The differences are more interesting, I think. USDKG is bound 1 to 1 to the US dollar so it still acts as a monolithic ("parasocial") currency while the SDT is locally adaptable. I imagine USDKG has plans to run parallel systems, though, for future BRICS compatibility. In fact, I suspect BRICS membership is probably a major consideration in USDKG's design.

Physical gold access is different, too. Grok estimates that all gold is stored and controlled nationally so physical delivery is a function of distance, while SDT has local usage and local depositories.

Still, it's an interesting development and oblique warning sign about how BRICS may evolve, as I speculated eighteen months ago

SXS Currency Platform - 2023
Github Source Code Software design for a BRICS currency platform but also applicable to a set of State-based precious metal depositories running in parallel to the Federal Reserve. Many people expect a gold-backed digital currency from BRICS soon but I think the reality will be closer to this design. An
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