1. Uzbekistan will officially integrate stablecoins into its payment system starting Jan. 1, 2026.
2. Tokenized shares and bonds will be allowed, with a dedicated trading platform under regulatory oversight.
3. The move includes a controlled regulatory sandbox and an open banking framework to support fintech growth.

Uzbekistan is taking a major step toward digital finance by officially bringing stablecoins into its formal payment system. It was reported by local news entity Kun that a new regulatory framework for stablecoins will become effective on January 1, 2026.

The structure is determined by the presidential decree, which was signed on November 27, and it is supposed to promote the financial technology sector. With this decree, a highly secured regulatory sandbox is going to be initiated and monitored by the National Agency of Perspective Projects along with the Central Bank.

Through the sandbox, pilot projects will be able to build distributed ledger technology payment systems. These pilot projects are supposed to be used to closely test the utilization of stablecoins by the government as it deals with the risks of adopting digital currency.

Stablecoins are cryptoassets that are tied to stable commodities like the US dollar, euro, or gold. Stablecoins are intended to prevent extreme price changes in contrast to cryptocurrencies such as Bitcoin. Nonetheless, they lack state assurances as compared to central bank digital currencies (CBDCs), which is why Uzbekistan is going at a slow pace.

Uzbekistan to Allow Tokenized Shares and Bonds in 2026

Since the beginning of 2026, Uzbekistan has allowed legal entities to issue tokenized shares and bonds. To enable this, a dedicated trading platform will be established, whereby the placement and circulation of tokenized securities will be carried out.

They will work on these platforms under a license granted to the stock exchanges that will conduct exchange operations in the country. The use of tokenized financial instruments is one of a range of attempts to modernize the capital markets in Uzbekistan.

This project is in line with the international trends in financial digitalization, and it will open new opportunities to businesses locally and investors in terms of trade and investment. The Central Bank has also stressed that these actions will be closely observed to make sure that the risks to the financial system are reduced to a minimum.

Central Bank Focuses on Stablecoin Payment Control

Central Bank Chairman Timur Ishmetov emphasized the need to control the implementation of payments with the help of stablecoins intensively. He pointed out that although digital currencies may increase the rate at which settlements between banks take place, daily transactions between individuals would not use them.

The regulator has the intention to research a number of alternatives, including the possibility of a central bank digital currency, but noted that all the decisions will be informed by the practical outcomes and risk management.

Other steps associated with the development of fintech in Uzbekistan are the presidential decree to introduce an open banking system. This system will provide more interoperability between financial institutions, and this should improve transparency and efficiency in the payment landscape.

Also Read: Polygon Exec Predicts Stablecoin ‘Super Cycle’ as Banks Face Liquidity Threat