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Nano Labs Ltd (NA) received approval from the Kyrgyz Republic to proceed with its proposal to issue a stablecoin pegged to the offshore Chinese Yuan within the country.
The approval came through an official letter from the National Investment Agency under the President of the Kyrgyz Republic and the National Council for the Development of Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic. The proposal was reviewed by senior authorities within the Presidential Administration.
The stablecoin project aims to support trade and economic cooperation between China and Kyrgyzstan by facilitating cross-border settlements, expanding investment opportunities, and increasing transparency in digital financial operations.
Nano Labs will submit a comprehensive white paper and technical documentation as recommended by Kyrgyz authorities. The company stated it will collaborate with relevant stakeholders to ensure compliant execution of the project.
The company also announced it will forgo plans to apply for an HKD- or CNH-pegged stablecoin project in Hong Kong SAR. Instead, Nano Labs will redirect resources toward developing stablecoin initiatives in Belt and Road countries.
Nano Labs describes itself as a Web 3.0 infrastructure and product solution provider in China, focusing on high throughput computing chips and high performance computing chips. The company has positioned itself in the digital assets space, adopting BNB as its primary reserve asset and maintaining reserves in mainstream digital currencies including BNB and BTC.