Today in crypto, Kyrgyzstan launches a stablecoin and confirms CBDC rollout with the help of Changpeng Zhao. Competition in the Bitcoin mining industry is intensifying, with smaller miners gaining ground on their larger rivals in realized hashrate, while Ferrari is deepening its crypto push with a new digital token for its top clients.
Kyrgyzstan rolls out new stablecoin while confirming CBDC plans
Kyrgyzstan has rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve.
The KGST stablecoin will run on the BNB Chain, and BNB (BNB) would be included in the crypto reserve if launched, according to former Binance CEO Changpeng ‘CZ’ Zhao, a strategic adviser who attended the National Council for the Development of Virtual Assets and Blockchain Technologies’ second meeting on Friday, alongside President Sadyr Japarov.
Local media outlet KG24 said Kyrgyzstan’s crypto committee must ensure the KGST stablecoin is listed on international platforms and submit proposals for creating a national crypto reserve within two months.
Updates from Kyrgyzstan🇰🇬
– The National Stablecoin launched, on @BNBChain
– The CBDC is ready for rollout. Yes, both. CBDC will be used for gov related payments, etc
– The National Cryptocurrency Reserve set up, #BNB included
– LE training
– Binance Academy with 10 top… https://t.co/KPrL0pnsWG pic.twitter.com/SInh5aCPMZ— CZ 🔶 BNB (@cz_binance) October 25, 2025
Japarov also advised the Ministry of Economy and Commerce to continue crafting a legislative framework for virtual assets and for the National Bank of the Kyrgyz Republic to begin pilot testing of the digital som.
The pilot will run in three stages, building on the National Bank’s demo of the digital som platform built with Build Block TECH. It will first connect commercial banks to enable transfers, then link the Central Treasury for social and government payments, and finally test offline and low-connectivity transactions ahead of a national rollout.
Smaller Bitcoin miners gain ground on larger rivals
The Bitcoin mining industry is experiencing rising competition following the 2024 halving, with mid-tier miners narrowing the gap in realized hashrate as challenging post-halving economics persist.
Recent data from The Miner Mag shows that public miners such as HIVE Digital, Bitdeer and Cipher Mining have expanded their realized hashrates after years of infrastructure investment. These companies are now catching up to the largest players, including MARA Holdings, CleanSpark and Cango.
Publicly listed Bitcoin miners now account for nearly one-third of Bitcoin’s total network hashrate, The Miner Mag said.
The sector’s growth is partly driven by a sharp increase in borrowing to finance new infrastructure investments. As Cointelegraph reported, total debt across the Bitcoin mining industry has surged to $12.7 billion, up from $2.1 billion just 12 months ago.
Ferrari to launch digital token to let fans bid on its Le Mans-winning race car
Ferrari is entering the cryptocurrency world with plans to launch a digital token that will allow its wealthiest fans to bid on one of its most iconic racing cars, the Ferrari 499P, a Le Mans-winning endurance model.
The Italian carmaker will issue the “Token Ferrari 499P” in partnership with fintech firm Conio, aimed exclusively at members of its Hyperclub, a private network of 100 elite clients with a passion for endurance racing, according to a Saturday report by Reuters.
“This is about strengthening the sense of belonging among our most loyal customers,” Enrico Galliera, Ferrari’s chief marketing and commercial officer, reportedly said.
Holders of the token will be able to trade among themselves and participate in exclusive auctions, including one for the 499P. The initiative is set to debut alongside the 2027 World Endurance Championship season.
