Sovereign Stablecoin

Kyrgyzstan’s som‑backed KGST hitting Binance and CZ’s public push for ‘stablecoin 2.0’ have reignited debate about sovereign money on‑chain, new algorithmic designs, and how exchanges should weigh custody and compliance risks. This piece maps market drivers, technical contrasts, on‑ramp effects, competitive headwinds from USDC/USDT, and likely regulatory moves.