Uzbekistan to Start Testing Stablecoins as a Payment Method in 2026
Uzbekistan is preparing to test stablecoins as a means of payment under a special legal regime starting from 1 January 2026. The initiative will operate within a regulatory sandbox framework, giving authorities and market participants a controlled environment to experiment with blockchain-based financial services.The project is positioned as a key step in the country’s broader digital finance strategy. By allowing limited but real-world use of stablecoins for payments, regulators aim to better understand the technology’s risks and benefits before deciding on full-scale integration into the national financial system.
Regulatory sandbox will coordinate payments and tokenized assets
The Central Bank of Uzbekistan and the National Agency for Perspective Projects (NAPP) will jointly define the rules of the sandbox. Their tasks include designing a blockchain-based payment system capable of settling transactions in stablecoins and setting up mechanisms for issuing tokenized shares and bonds.This approach allows the country to test not only stablecoins as a payment tool but also a broader tokenization ecosystem. Securities and other financial instruments could be issued and transferred on-chain, potentially improving market efficiency, transparency and access for investors.
September 2025 announcement laid the groundwork
NAPP first announced plans to test stablecoins in September 2025, signaling Uzbekistan’s intention to move beyond purely theoretical discussions. Since then, regulators have been working on legal, technical and operational frameworks to support the pilot.The sandbox model enables selected participants to operate under relaxed or specially tailored regulations, while still under close supervision. This reduces the risk of systemic disruption while giving policymakers concrete data on how stablecoins behave in real payment flows.
Central Bank exploring its own digital currency
In parallel with the stablecoin initiative, the Central Bank of Uzbekistan is studying the possibility of issuing its own digital currency. While no final decision has been announced, the combination of a stablecoin pilot and CBDC research suggests that the country is seriously considering a multi-layered digital money architecture.A domestic CBDC could coexist with privately issued or state-supervised stablecoins, each serving different use cases. The sandbox will likely provide valuable insights into user behavior, technical requirements and regulatory challenges that would also apply to a potential digital national currency.
Uzbekistan’s broader ambition in digital finance
By launching a structured test of stablecoins as a payment instrument, Uzbekistan is positioning itself among the more proactive jurisdictions in the region. The initiative aims to attract investment, stimulate fintech development and modernize the country’s financial infrastructure without sacrificing regulatory control.If the pilot proves successful, it could lead to the formal legalization of stablecoin-based payments and a clearer framework for tokenized assets. For now, the regulatory sandbox offers a controlled arena where innovation and oversight can develop side by side, setting the tone for Uzbekistan’s next chapter in digital finance.
Editorial Team — CoinBotLab