Uzbekistan Legalizes Stablecoins for Payments Beginning January 2026

• Uzbekistan will pilot projects to implement stablecoin payments based on a distributed ledger.
• The country will regulate stablecoins as a means of retail payments beginning January 2026.
• The stablecoins market has grown exponentially YTD fueled by legal clarity and institutional investment.

Uzbekistan is seeking to allow stablecoin development starting in 2026. The country is following in the footsteps of major jurisdictions led by the United States and China to facilitate the development of fiat-backed stablecoins by regulated financial institutions beginning early next year.

Closer Look at the Stablecoin Plans for Uzbekistan 

Starting January 2026, Uzbekistan will regulate stable tokens as payment tools. The country will facilitate stablecoin pilot projects using distributed-ledger payment systems under a regulatory sandbox.

The country’s National Agency for Promising Projects (NAPP) together with the Central Bank will facilitate the development of stablecoin pilot projects. Uzbekistan will allow legalized entities to explore the development of stablecoins for use by retail traders.

Moreover, the country’s Central Bank has been undertaking research and development on Central Bank Digital Currency (CBDC). According to Tukur Ishmetov, the chairman of the Central Bank of Uzbekistan, the CBDC will be used to facilitate settlement between commercial banks while the stablecoins will be used by retail traders.

Essentially, the Central Bank’s CBDC will be used by commercial entities, such as banks and fintech companies, to back their stablecoins in the ratio of 1:1. In an interview with Uzbekistan 24 TV in September, Vyacheslav Pak, the first deputy director of NAPP stated that President Shavkat Mirziyoyev had instructed the test use of stablecoins in settlement and the tokenization of securities.

Tokenization of RWA in the Pipeline 

Beginning in January 2026, Uzbekistan will also allow legalized companies to issue tokenized assets. Uzbek companies will be able to tokenize real-world assets such as shares and bonds. 

Licensed stock exchanges will be allowed to develop a special trading platform for enabling trading of tokenized RWA beginning January 2025. Furthermore, the country plans to introduce an open banking system by September 2026 to allow secure data sharing among banks and fintech companies.

Related: Stablecoins Remain Small in Euro Area, But Global Expansion Raises ECB Concerns

Market Picture

The demand for stablecoins by retail investors in Uzbekistan has an organic demand. According to a recent report from Chainalysis, crypto activity has surged in Asia, whereby transactions in the region grew from $1.4 trillion to $2.36 trillion in the 12 months leading to September 2025.

The use of stablecoin through blockchain technology to modernize the siloed payments system has been prioritized around the world. As such, the stablecoins market has grown exponentially to a market cap of over $310 billion, especially since the enactment of the GENIUS Act in the United States.

The launch of retail stablecoins in Uzbekistan will be a major boost for the country’s economy and at the same time facilitate the seamless adoption of crypto assets. Furthermore, the United States dollar has managed to hold onto the global reserve currency with the help of USD-backed stablecoins.

Related: Why 2030 Is The Target Date For A Unified Global Financial System