Kyrgyz Republic Approved to Proceed with Nano Labs’ CNH-Pegged Stablecoin Initiative
Rhea-AI Summary
Nano Labs (Nasdaq: NA) has received approval from the Kyrgyz Republic to proceed with its CNH-pegged stablecoin initiative. The approval comes from both the National Investment Agency and the National Council for the Development of Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic.
The project aims to enhance China-Kyrgyzstan economic cooperation by facilitating cross-border settlements and expanding investment opportunities. Nano Labs will submit a comprehensive white paper and technical documentation as recommended by Kyrgyz authorities. Additionally, the company has decided to abandon its plans for an HKD/CNH-pegged stablecoin in Hong Kong, focusing instead on stablecoin initiatives in Belt and Road countries.
Positive
- Received official approval from Kyrgyz Republic for CNH-pegged stablecoin
- Strategic positioning in Belt and Road countries for stablecoin development
- Potential to facilitate cross-border trade and settlements between China and Kyrgyzstan
Negative
- Abandonment of Hong Kong stablecoin plans indicates market strategy shift
- Additional regulatory requirements needed including white paper and technical documentation
- Success depends on further approvals and stakeholder collaboration
News Market Reaction
On the day this news was published, NA declined 2.94%, reflecting a moderate negative market reaction. Argus tracked a trough of -18.2% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $112M at that time.
Data tracked by StockTitan Argus on the day of publication.
HONG KONG, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider in China, today announced receipt of approval from the Kyrgyz Republic to proceed with its proposal (the “Proposal”) to issue a stablecoin pegged to the offshore Chinese Yuan (CNH) within the country.
According to an official letter from both 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 has been reviewed by senior authorities within the Presidential Administration and has received clearance to proceed.
The stablecoin project (the “Project”) aims to support the growing trade and economic cooperation between China and Kyrgyzstan-facilitate cross-border settlements, expand investment opportunities, and increase transparency of operations in the digital financial space.
In line with recommendations from the Kyrgyz authorities, Nano Labs will submit a comprehensive white paper and key technical documentation. The Company will continue to collaborate closely with all relevant stakeholders to ensure the Project’s steady and compliant execution.
Concurrently, Nano Labs announced its decision to formally forgo plans to apply for an HKD- or CNH-pegged stablecoin project in the Hong Kong SAR. The Company will instead redirect its resources toward developing stablecoin initiatives in Belt and Road countries.
About Nano Labs Ltd
Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, Nano Labs has actively positioned itself in the digital assets space, adopting BNB as its primary reserve asset. It has reserved in mainstream digital currencies including BNB and BTC, and established an integrated platform covering multiple business verticals, including HTC solutions and HPC solutions*. For more information, please visit the Company’s website at: ir.nano.cn.
* According to an industry report prepared by Frost & Sullivan.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor inquiries, please contact:
Nano Labs Ltd
ir@nano.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
What approval did Nano Labs (NA) receive from the Kyrgyz Republic?
What is the purpose of Nano Labs' stablecoin project in Kyrgyzstan?
Why did Nano Labs cancel its Hong Kong stablecoin plans?
What are the next steps for Nano Labs' Kyrgyzstan stablecoin project?
How will the Kyrgyzstan stablecoin be pegged?
