07:03 AM EDT, 08/04/2025 (MT Newswires) -- Nano Labs ( NA ) said Monday it received approval from Kyrgyz authorities to move forward with its proposal to launch a stablecoin tied to the offshore Chinese yuan.

The company said senior authorities reviewed the project within the Presidential Administration and have received clearance to proceed.

Nano Labs ( NA ) also said it will now submit a full white paper and technical details following local recommendations. The company also said it is dropping plans for a similar stablecoin in Hong Kong.

Shares of Nano Labs ( NA ) rose more than 6% in recent premarket activity Monday.

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