Uzbekistan prepares stablecoin payment trials through a controlled DLT sandbox launching in 2026, supported by new fintech reforms.
Uzbekistan will integrate stablecoins into its payment system through a phased and highly controlled approach. Indeed, the effort is starting with a regulatory sandbox that will inform experiments with distributed ledger technology (DLT). This structured path, as a result, is representative of increasing interest in modernizing payments without losing any of the oversight.
Uzbekistan to Launch Stablecoin Framework in 2026
According to local reports, a new legal regime, furthermore, arrive on January 1, 2026. It will regulate stablecoins as a formal means of payment under a presidential decree focused on fintech growth in general. The National Agency for Perspective Projects and the central bank will, in addition, be involved in joint supervision of this framework. Their oversight, significantly, entails the definition of a timeline and operational rules of the sandbox.
The decree, in addition, makes it possible to pilot projects testing payment systems built on DLT. These pilots will measure system performance, security, and compliance. Stablecoins, which are typically pegged to an asset (such as the dollar or gold), provide predictable value. However, they do not have state guarantees, which calls for enhanced evaluation per se. The sandbox, thus, represents a contained environment to manage the risk and monitor the behaviour of the markets.
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Starting from 2026, domestic legal entities can also emit tokenized shares and bonds. Authorities will, furthermore, set up a special trading platform for trading these asset-backed tokens. Licensed stock exchanges in Uzbekistan will, hence, host this market. This change, ultimately, brings new tools to invest in and more experimentation in the field of digital assets under the set of regulations.
Rising Interest in Tokenized Assets and Payments
Earlier this year, Central Bank Chairman Timur Ishmetov, moreover, said stablecoins might receive approval as instruments of payment. He emphasized that there are often too many expectations put on digital currencies and they are not always suitable. However, he said worldwide trends indicate weak dependence on alternative instruments where payment systems work well. Authorities will, therefore, evaluate outcomes prior to wider authorization.
Ishmetov also noted discussions that are still taking place regarding a possible CBDC. This digital currency, significantly, would have no target for daily public use. Instead, it would enable more efficient settlement between banks, and that in addition, it would enable secure transactions with foreign central banks. The operational risks are to be evaluated in future testing stages as a result. They will also measure the effect on monetary policy, which is a central concern.
President Shavkat Mirziyoyev reviewed proposals on fintech on September 10. The review, in the end, supported the testing of stablecoins for settlement purposes. It was also behind projects for tokenizing securities in capital markets. Furthermore, the November 27 decree also involved the introduction of an open banking system. This measure, therefore, intends to introduce more competition and strengthen access to financial services for customers.
Uzbekistan Halts Soum Symbol Project to Prioritize Fintech Upgrades
Recent communication from the Central Bank, moreover, confirmed that the earlier efforts to create a currency symbol for the soum have stopped. Officials said that this issue is not on their agenda now. The focus has, however, moved to broader financial modernization efforts.
Uzbekistan’s coordinated strategy, therefore, serves as an organized model for the creation of digital finance. The sandbox, in particular, it allows experimentation under controlled conditions. It supports innovation while, at the same time, decreasing the exposure to market uncertainty. This approach, consequently, identifies stability with progress and promotes responsible adoption of new technologies.
The introduction of tokenized securities, furthermore, could strengthen the capital markets. It may attract foreign investors, and in addition to this, it may increase liquidity. A separate trading platform, furthermore, also helps to support the market’s transparency and regulated access. These developments, even together, resultantly in increased economic modernization goals in the long term.
Overall, the direction Uzbekistan is headed, ultimately, is indicative of balanced and forward-looking financial transformation. The combination of stablecoin pilot, tokenized assets, CBDC research, and open banking, in conclusion, provide a united development plan. It places the country in a position of real growth with control during this transition.