Uzbekistan Takes Step Towards Integrating Stablecoins into its Payment System

Uzbekistan is introducing stablecoins into its financial system through a controlled pilot program. The new regulatory framework will take effect on January 1, 2026, and aims to test the feasibility of stablecoin-based payments utilizing distributed ledger technology (DLT). Initial trials will involve issuing tokenized shares and bonds, followed by the creation of a separate trading platform for these assets on licensed stock exchanges. This follows Uzbekistan’s central bank chairman’s announcement in September to explore digital currency activities, while emphasizing the need for control given their potential impact on monetary policy.