TRON Eyes National-Level Collaboration as Kyrgyzstan Advances Digital Asset Framework

• TRON founder Justin Sun recently held a meeting with the head of Kyrgyzstan government’s crypto and blockchain department.
• The meeting centered on how the country can grow its digital assets market and how its CBDC, known as KGST, can scale on the TRON network.

Justin Sun, the eccentric founder of the TRON network, recently held a meeting with the head of Kyrgyzstan’s digital assets division to discuss how the country can scale its digital assets ecosystem through the TRON blockchain.

The meeting was with Farkhat Iminov, the head of the National Council for the Development of Virtual Assets and Blockchain Technologies. The department was formed in May last year to shape state policy on digital assets and boost investment in the sector.

According to local media outlets, Sun discussed the growth of the country’s crypto sector, and how cooperation with global partners, like the TRON network, could push the industry forward.

Kyrgyzstan has emerged as one of the fast-growing crypto destinations globally. Last year, Chainlysis ranked it 19th out of 151 countries for adoption, ranking 15th for centralized service value received. Last year, it recorded over 2 million crypto transactions, worth over $20 billion, with over $10 billion recorded in just the last three months, according to some local reports.

The Kyrgyz government has sought to partner with leading projects in the crypto industry to advance its local sector. Last October, it announced a new partnership with BNB Chain, where the Binance-linked network was to power the country’s stablecoin, as CNF reported. Binance founder Changpeng Zhao was also linked to the creation of a new crypto bank called Bereket, but he denied involvement, as CNF noted.

Kyrgyzstan Explores TRON-Backed CBDC

One of the areas Kyrgyzstan has taken massive strides is in the development of a sovereign digital currency. Last year, it launched USDKG, a gold-backed stablecoin, which was later recognized as legal tender in May. USDKG has mostly targeted international payments.

The Kyrgyz government also launched KGST, a blockchain-based stablecoin pegged to the Kyrgyz som and backed by som held in reserve. Unlike USDKG, KGST has mostly focused on national and regional payments.

According to reports, the recent meeting with Sun also explored how KGST can integrate the TRON blockchain to expand its throughput and increase its access to a global audience. Currently, KGST is issued on the BNB Chain as a BEP-20 token. TRON has a theoretical max capacity of 2,000 transactions per second, but real-life data shows that it does around 100 TPS. BNB has recorded up to 8,000 TPS in peak seasons, but it averages around 130 TPS.

The two networks also track each other on the user count. According to Token Terminal, BNB Chain recorded 3.9 million daily active users in the past 30 days, while TRON sat at 3.4 million, a 0.4% increase for the latter.

TRX trades at $0.288, a slight dip in the past day despite a 14% increase in trading volume to $533 million.