Uzbekistan launches digital finance drive with stablecoin, asset tokenization
Tashkent tests blockchain-based payments and digital securities as part of drive to modernize financial system and expand market access
TASHKENT, Uzbekistan (MNTV) — Uzbekistan is preparing to launch pilot projects using stablecoins for payments and tokenized assets in its capital markets, signaling the country’s push to modernize its financial system through blockchain technologies.
The plan was announced following a September 10 meeting chaired by President Shavkat Mirziyoyev, where he directed regulators to accelerate digital finance initiatives.
According to the independent outlet Daryo News, the National Agency for Perspective Projects (NAPP) and the Central Bank have been tasked with implementing trials of stablecoin payments and asset tokenization.
Vyacheslav Pak, first deputy director of NAPP, said the pilots would test the use of stablecoins in financial settlements while exploring tokenization of securities and other assets in the capital market. “This is a direct instruction from the president, and NAPP will work in close coordination with the Central Bank and other ministries to carry it out,” he said.
Stablecoins are cryptocurrencies pegged to traditional assets such as the US dollar, euro, or gold, designed to provide stability absent in more volatile tokens like Bitcoin. Popular examples include USDT (Tether), USDC, and DAI, which are widely used for cross-border payments, remittances, and savings.
Alongside payments, Uzbekistan plans to study tokenization — converting real-world assets such as real estate, securities, or commodities into digital tokens that can be traded and managed on blockchain platforms.
Advocates argue the model can reduce costs, improve transparency, and broaden access to investment opportunities, particularly in emerging markets.
Analysts say Uzbekistan’s embrace of stablecoins and tokenization reflects a wider trend across Central Asia, where governments are experimenting with digital assets to attract investment and diversify economies. The initiatives also place Tashkent in line with global debates over how regulated digital currencies could reshape financial systems.
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