Uzbekistan prepares to pilot stablecoins and asset tokenization on the stock market

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is preparing to pilot the use of stablecoins for settlements and to launch projects for asset tokenization on the stock market. This was announced in an interview with the “Uzbekistan 24” TV channel by Vyacheslav Pak, First Deputy Director of the National Agency for Perspective Projects (NAPP).

According to him, the president, Shavkat Mirziyoyev, gave the relevant directive to NAPP and the Central Bank during a meeting on 10 September.

“The task is to implement projects testing the use of stablecoins as a means of payment, as well as the tokenization of securities on the capital market,” Pak said.

He emphasized that the agency, together with the Central Bank and other relevant institutions, will make every effort to fulfill the president’s directive.

Stablecoins are a type of cryptocurrency token whose value is pegged to a specific asset—such as the US dollar, euro, gold, or other liquid resources. Their issuance is carried out by centralized organizations, which back them with national currencies, government bonds, or other securities. The most well-known examples are USDT (Tether) and USDC (Circle).

Tokenization refers to converting rights to securities—such as stocks or bonds—into digital form using blockchain technology. Unlike the current practice, where ownership is recorded via paper or electronic certificates, tokenization represents each security as a digital token—a secure blockchain record confirming ownership rights.