Uzbekistan is set to launch a retail stablecoin in 2026, pegged 1:1 to its central bank digital currency (CBDC). The stablecoin will be issued by licensed financial institutions and backed by CBDC reserves held by banks and fintech companies. This initiative is part of Uzbekistan's broader digital financial reforms, which include asset tokenization and the development of an open banking system. The government plans to distinguish retail digital payments from wholesale CBDC-based settlements, with citizens using stablecoins while the financial sector relies on CBDC. The stablecoin framework will undergo testing in a regulated sandbox starting January 2026, allowing only verified firms to issue stablecoins.