Uzbekistan is preparing to comprehensively restructure its financial system by building a platform around stablecoins instead of confronting them. According to the plan, starting from 2026, licensed financial institutions will issue retail stablecoins, while CBDC will only serve as a 1:1 reserve asset for banks and fintech. The public will use stablecoins for daily payments, while CBDC will only facilitate interbank payments – a rarely seen model in the world.
At the same time, Uzbekistan will digitize real assets (RWA) such as stocks and bonds and put them on-chain for trading, with the tokenized exchange expected to operate from the beginning of 2025. The open-banking system will also be implemented before September 2026.
The motivation for this strategy comes from the strong domestic demand for stablecoins, along with the explosive wave of cryptocurrency in Asia. With the global stablecoin market exceeding 310 billion USD, Uzbekistan is actively integrating into the international digital payment network rather than staying on the sidelines.
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