Uzbekistan will launch a stablecoin payment pilot in 2026, building a DLT infrastructure.

Source: TokenPost Original Title: Uzbekistan to begin pilot operation of stablecoin payments from 2026… Building DLT-based infrastructure. Original Link:

Main Content

Uzbekistan is taking measures to incorporate stablecoins into its official payment system. Starting from January 2026, a pilot payment system based on distributed ledger technology (DLT) will operate under a newly introduced regulatory framework.

According to local media reports, the government of Uzbekistan signed a new regulatory law for stablecoins last week and launched a “regulatory sandbox” through this law. The regulatory bodies are the National Strategic Project Committee (NAPP) and the Central Bank, which can experiment with infrastructure related to the limited use of stablecoins.

As part of this program, starting from 2025, domestic enterprises in Uzbekistan will be able to issue tokenized stocks and bonds, and licensed stock exchanges will establish dedicated trading platforms for these assets. This platform is expected to serve as the foundation for a new digital financial system utilizing blockchain technology.

As early as September last year, the central bank governor Timur Ishmetov signaled this change through remarks on the study of digital currencies. He emphasized: “Activities related to cryptocurrencies may have a significant impact on monetary policy, and therefore need to be strictly controlled.”

The plan regarding Central Bank Digital Currency ( CBDC ) has also been mentioned. President Ishmetov indicated that a non-retail form of CBDC is under review to enhance interbank payment efficiency. This is understood as a system aimed at accelerating the settlement speed between commercial banks and the central bank, rather than for retail payments.

Uzbekistan's policy change can be seen as part of a cautious but gradual acceptance of cryptocurrency. It is particularly noteworthy that regulatory experiments and infrastructure development for the institutionalization of digital assets are simultaneously taking place in several countries across Asia.

Key Interpretation

Market Explanation

Uzbekistan is incorporating digital assets into its regulatory framework through stablecoins. Pilot operations conducted via a regulatory sandbox are a method of testing policy effectiveness with lower risk.

Strategic Points

Starting from 2025, the issuance of tokenized assets will be allowed, and the roadmap for the implementation of the regulatory framework beginning in 2026 can provide institutional trust for long-term investors. Close attention needs to be paid to the DLT infrastructure projects that are spreading with a focus on emerging Asian countries.

Terminology Explanation

• Stablecoin: A digital asset pegged to the value of fiat currency.
• Regulatory Sandbox: A system that allows for the experimentation and operation of new technologies and services in a controlled environment.
• CBDC: Central Bank Digital Currency, a digital form of cash directly issued by central banks, divided into retail and wholesale types.